Hi.
THAT sounds like a electrical knock out size. Greenlee electrical punch knock out. It does distort a bit around a curved object to pull a knock out thou.
2,(he's right) on the drilling "too fast" for the cutting edge. You can take a normal drill, push like heck and just bump the drill motor over slow, on, off, on (repeat) and it will throw a curl, stainless does not seem to be that hard, just clogs up the cutting edge and then work-hardens, tempers the metal, if you ever start throwing blue chips, curls, you are pretty much done.
KNow anyone with a plasma cutter? you cut a template with wood, clamp it to it, and just ring around the circle.. It's plasma cutter tip radius, minus cutting "width" for a offset (hole that much larger with cutting inside line) or "plus" radius if cutting outside a pattern. I do this all the time, cutting stainless sheet, I lay down a ruler and have a cut in ten seconds that looks like a saw. I have jigs for push buttons, meters, and did have them for industrial AB monitors.
I did the STC1000 meter plate from mirror stainless in about thirty seconds using a ruler to cut the penciled trace of the unit. Drilling the end mount holes took longer to chuck up the right bit in the drill press.