+1 to the wood template. I also used a water bottle with a very small hole poked in the cap. I kept squirting the water at the hole saw through the entire cut. If your drill has a clutch adjustment on it use it. The lower numbers prevent the drill spinning if it get's caught. Lastly, as you get to the end of the cut, use very little pressure, let the drill bit do it's job, don't push too hard.
I had to drill several holes over the past few months. One of them was on a sump that was 'stuck' under an aquarium, so i had to drill it vertically... very nerve racking, but no issues.