You can often do the job with a holesaw. I usually use Starrett, bur Lenox are my favourite when I can get them.
If you have a "whole hole" to make, the normal setup is to use a pilot drill and do it as the designer intended.
If you only have part of a hole, or don't have anything to pilot on at the center of your intended hole, you can run the holesaw through a piece of scrap material, clamp the scrap to the workpiece, take the pilot drill out of the holesaw arbor, and cut the hole using the scrap as an external pilot.
I can't claim it's precision engineering, but it works better than most people expect it to.
I have used this method to cut blanks from plate to turn in the lathe. I have also used it to cut reasonably good curves out of flat for welding to tube or pipe. I've used it on mild steel to 3/4" thick, unhardened O1 tool steel, 304, 316 and 310 stainless steels. I've not tried it on a stainless blade steel though.
It's usually best to use a slow speed in a pillar drill, with plenty of suitable lubricant. Where I need a turning blank from something I can't get to a pillar drill, I tend to use an SDS masonry drill with the hammer action turned off to give a lower speed and more torque than my normal handheld drills.