Eric if you can get the plate off use a drill press or mill at a slow speed and a Silver&Demming drill.
If you already have a large hole a hole saw will be a problem unless you have a plug to fit the hole in the plate and that will keep the hole saw centered.
If you can not get the plated off and onto the drill/mill use the S&D drill with a good hand drill. Watch your self as that drill can/will hang up and twist out of your hands.
I have never tried the step drill in any thing heaver that sheet metal but I don't really think it would work for what you are talking about. The step drill is more for sheet metal, like electrical boxes.