Y'all are making this way too hard. Get your hands on a set of GreenLee knockouts - a staple in electrical work. They come in various sizes, from 1/2" on up. Typically the larger sets will use a hydraulic puller, and they can cost a chunk of change, but we've used a smaller manual set for years.
Perfect for flange bearings - press fit or slide in with a tiny bit of cleanup. The only hole you have to drill is the 5/8" pilot for the 1/2" bit. If you want to go larger, use the 1/2" first then pick your desired size. Simple. Clean. Effective. Great for lightening holes too.
Safer than a hole saw and cooler than a step bit, they're a lot less messy and don't require lubrication. Properly cared for they should last forever.
(Zoro sells a slug splitter with four sizes for $140)
The actual sizes mentioned are "trade sizes" as these dies typically are used for conduit installation. The actual size is slightly larger (1/2" is .875 nominal, e.g.) and can be found via google. Sorry for the confusion.