Reddit reviews Pittsburgh/Warrior Manual Knockout Punch Kit with 3 Pc Titanium Nitride Coated High Speed Steel Step Drill Bit Set Bundle
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1 - Manual Knockout Punch Set1 – 3 Piece Titanium Nitride Coated High Speed Steel Step Drill Set
I've used knockout punches to great effect. You may also be able to use a stepper bit. I'd prefer the former, personally, as it's cleaner. Edit: the latter is probably a bit cheaper. Use oil and don't let it get too hot, it can discolor the steel.
This kit has both but you can find them separately. https://www.amazon.com/dp/B01KWI5MKW/ref=cm_sw_r_cp_apa_mCUnzb3B06CJ9