How to drill "clean" holes in a '50s chain guard

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Ratsters,

I'd like to drill 1/2" or larger holes along the straight surface of my '50s Higgins chain guard. Kind of like the holes around the shroud of a .50 cal machine gun.

I plan on putting a piece of wood underneath the guard so it's nice an firm when I go in with the drill press.

I'm just worried that the drill bit will deform the sheet metal either on the way in or out.

Is there any special drill bit or trick of the trade that'll make this go easier?

I know that with wood, the Forstner bit does a real clean job of making holes, but i don't know if there's anything like that for steel.

Thx

Spin
 
Place a piece of wood on top and bottom, then clamp it together. Drill through. Should give a clean hole.
 
Here's the finished product.

100_0119.jpg
 
looks GREAT!!!
 

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