Step Drill Bits for holes
I have used "step drill bits" with good results to put darn near perfect holes in sheet metal. Installed a port for a thermometer in my half pint pan with one last year and it worked great.
Just make sure you back the pan up with a piece of wood (2 x 6 or close), keep the pan and the wood clamped together nice and tight and the bit will bite into the pan and the wood without wobbling. With some practice you should have some nice round holes.
Should be able to find one for less than McMaster Carr prices but here is link
http://www.mcmaster.com/#step-drill-bits/=22ky8e