If using a hole saw, if you take and drill a 1/4" hole in the coupon area, right next to or in the path the saw will cut, so the saw has a place to dump the chips, use plenty of oil, and a slow speed,
my experience a "good" home drill press is not that good if the bit is much over 5/8 inch, and most will not even hardly turn any thing over 1" with out stepping, yes you may have a chatter problem but with out some thing that has a back gear your going to hard pressed to do much besides stepping the size of the hole unless one does use hole saw, If you want a exact hole size, (I find hole saw are only close, not very exact)