All though at work I have access to numerous saws, torches and machines of impressive size, All I use at home are a portaband, and a skill saw with a carbide metal cutting blade. For holes I like hole saws and uni-bits. I have a nice OA torch but have not got the bottles, yet.
A portaband costs about 300 dollars and is for sale at home depot. The blades run about 7 bucks each. We cut every thing up to 4 inch with one on remote jobs and in the field. We even use them in the shop for out of position work. If you buy one you might ask around, most people consider Milwuakee the standard, some of the others are poorly thought out. my personal milwuakee is 10 years old and never had a bit of problems. I used it to make every cut on my 6 trailers over the years
For a job with holes in heavy steel i use carbide hole saws, but do not use oil based cutting fluids, you want to cool the bit not stop the friction witch is how it cuts. I use brake clean. it cools the bit fast, is cheap and leaves no residue for paint.