Don't buy a cheap hole saw, often they aren't round, and the teeth will dance around when it bites the metal. $30 is a good price for 4 3/4". Though I doubt that includes the mandrill (sp?). And be very sure the metal you're drilling is clamped down well, you don't want a large piece of sheet metal spinning on the end of your drill, it will hurt you.(Trust me on this one). Also, have a good grip on the drill, if the bit binds it will twist your wrist, this also will hurt you.(I've done this as well) If you're drilling aluminum, water will help keep the bit from loading up, have a helper with a little spray bottle. And don't try to turn a large bit at high speed, because, (wana guess?) it will hurt you.(Yup, I did this too) And since I seem to be on a rant, wear saftey glasses as well, hot metal in the eye really hurts.
Edit: I should mention that I've been in construction for 29 years, I didn't do all those stupid things at once.