I've done this twice, to 10 chevy rally wheels.
Go buy a NEW hole saw.
The trick is to start s-l-o-w.
The lip on the stock chevy wheel will almost center the hole saw where you need it.
Again, start out SLOW.
If you take your time, and give it just a bit of lube, after you get a groove started, the hole saw will last.
Spend a little more $$ and buy a lenox brand.
Good luck, and start, well you <img src="/forums/images/graemlins/smile.gif" alt="" /> know!

98 Gen 2.5
05 Pontiac GTO
91 Corvette ZR-1
2011 Kia Sorento (wifey mobile)
Clarkdale, AZ