While a magnetic base drill may be the holy grail, Hougen makes several annual cutters that can be used in a hand drill or drill press, that will make life easier than using twist drills (which have a tendency to grab, when using larger sizes). Not to mention that the holes are actually round.
Small diameter sizes from 5/16" to 3/4" (in 1/16" increments) are part of a
RotaCut Sheet Metal Cutters Kit. The small kit contains a 3/8" arbor for use in a hand drill. The cutters are limited to 1/4" maximum depth of cut in the smaller diameters. Individual annual cutters are available from 1/4" to 3/4" diameters in 1/32" increments, with some xx/64". Arbors may be purchased individually as well, see their
"Sheet Metal Cutter Catalog".
Hougen also makes
"16,000-Series" Extended Reach Cutters that are made to use with hand drills. Sizes are limited to 3/8" to 9/16" (in 1/16"). Max depth of cut is 1/4".
If you need more depth of cut you can get an arbor for a 1/2" drill that takes
"12,000-Series" Annular Cutters, as well as other
"12,000-Series" Arbors for Stationary and Machine Tools. The cutters come in a maximum depth of cut from 1" to 2" for less than 5/8" dia and up to 6" for 5/8" and larger diameters. The type of arbor determines the thickness and diameter that can be cut. The smallest diameter cutter in the "12,000 series" is 7/16" diameter. Plus, you can use the "12,000 series" cutters in a mag drill when you finally get one.
If you are new to using annual cutters they come in two varieties,
Standard and Stack-cut. If you need to cut through more than a single layer of metal at a time, then get the Stack-Cut version of the cutter.
Finally when using a hand drill with an annual cutter it is best to constrain the "12,000 series" cutter with a guide block, that you previously drilled on a drill press and then clamped to what you are drilling. I typically use 3/8" thick, mild steel, flat bar stock, predrilled with the diameter needed to act as a guide.
The Hougen website also has technical information about cutter speed and feed rates for various metal and conditions in the
Support/ Down load section.
Hougen cutters and kits are expensive, but high quality. Less expensive annular cutters and kit options (aka clones) exist on the web, depending on your budget. No association Hougen, just a very happy user.