I think AgX is referring to this type of bit: http://www.leevalley.com/en/Wood/pag...180,42316&ap=1 With careful use they can be used for soft metals. Get the best you can find and clamp everything down. Slow speed - can your drill press run at 300-500 rpm? If anything is off center you'll get a messy hole. Don't force it, slow is better. I'd guess a carefully set up metal lathe would be the option of choice.
I use one of these on a 10" Craftsman Press. Clamp everything down nice and tight, take it slow, and it works just fine. Afterwards, I clean the edge with a Dremel. I need to cut a Graflex board this weekend - I can take a shot of the setup if it'll help, but there's really not much to it.