Herb, I've drilled big holes in aluminum and steel many times over the years, from thin sheet to thick pieces, and I've used hole saws, trepanning tools, Silver and Deming bits, Uni-bits and sometimes resorted to boring them. Of all the ways I've tried, annular cutters are, by far, the best way to drill a clean large hole (unless it has to be precisely sized, in which case you have to bore it).
Unlike a big S&D bit, annular cutters don't jam or rip the work piece out of the vise. They stay sharp for a long time, cut clean holes that clean up with a simple deburring tool and are very fast to use in thin materials. If you use stick wax and proper technique the cutter stays cool and remains sharp far longer than a drill. I'm so convinced of the superiority of annular cutters that I gave away my S&D set.
Finally, I wanted to warn you that drilling big holes can be dangerous. When a drill bit breaks through it can catch that work piece and rip it out of a vise so be really careful if you use a drill. Uni-bits are pretty safe. Annular cutters have never jammed on me but I suspect even they have the potential.
A final warning. If you use a big S&D bit, use a keyed chuck to hold it. If you're using a keyless chuck and the drill jams, the self-tightening design of the chuck can over-tighten and you'll have a hell of a time getting the tool out of the chuck.