For holes that do not need to be a percise size but you would still like them perfectly round, try this.
I get a big store-bought flat washer and use it as a guide for my torch. In your case a 1 1/4 inch one would be probably good. (you have to account for the torch tip thickness too. Measure the hole in the washer and subtract one thickness of the entire torch tip and that will tell you what size your torch-cut hole will be) I use a vice grip clamp to clamp the washer above where the hole is desired, but first place 3/8 inch nuts under it as shims. Two will work. Start in the center with a blow-hole and then travel to the edge and follow around the inside of the washer with the edge of the torch tip. I have done this so many times that I keep a selection of washers dedicated for this purpose. They look like they were drilled. THE TORCH TIP MUST BE CLEAN FOR QUALITY HOLES. Assuming everything is at hand, I could cut all the holes on this project before the second one was drilled.
You can also use the same method with the outside of the washer for rounded corners on things, but that's a whole other story.