That will work. it will just take forever.
Hole saw style is a lot quicker, your removing a lot less material for the same hole. http://www.homedepot.com/p/Bosch-5-8...4#.UcszUZz7k9Y
you could use a step bit too, these things are handy to have around. They dont last real long drilling metal though if you have several holes to drill. http://www.harborfreight.com/3-piece...lls-91616.html
I happen to also own a HF drill press, had it for over 10 years the damn thing wont die!