^All good advice^
I'll add, when using the punch, don't wimp out and just tap it to make a tiny divot. Remember you're going to be drilling out a comparatively huge hole, so give the punch a good enough whack to make a dime-size well to hold your cutting lubricant. It'll help keep your pilot bit from overheating the stainless and hardening it.
And the rpms with the pilot bit should be in the ~200 range, with lots of pressure.
Too fast and the bit will fry instead of cut.
Finally, triple check that hole diameter you're going for. I've drilled and mounted at least a dozen valves, sparge arms, dial gauges, sight gauges, etc, and the largest hole was 13/16"...
Cheers!