Sorry to have missed a few posts... for drilling large diameter holes in thin sheet you really can't beat these 'stepped cone' bits. Don't run them too fast though...
DollaTek Used for PV Plate, Iron Plate, Aluminum Plate Drilling, Triangular Shank Step Drill, Pagoda bit, Step Drill Open Reamer : Amazon.co.uk: DIY & Tools
DollaTek Used for PV Plate, Iron Plate, Aluminum Plate Drilling, Triangular Shank Step Drill, Pagoda bit, Step Drill Open Reamer : Amazon.co.uk: DIY & Tools