Use a brand new hole saw! My first attempt was with a hole saw that my contractor buddy loaned me. It went round and round until my paint bubbled. I bought a new hole saw and it went through like butter. Luckily, the bubbling paint is concealed by the hood tach.
Tape where you are going to drill as well, it will minimize chipping. Clean up (file) the raw edge and seal with paint to offset rust. When you set up your template, before you drill just look where the holes will end up underside. A slight adjustment may improve how the nuts go on and seat on the brace side.
Epoxy a small piece of hardwood on the underside of the hood where you are going to drill the hole. It will help to keep the pilot bit in the hole saw centered.
-=>Lee<=- Due to budget constraints the "light at the end of the tunnel" has been turned off!