Hole saw may be way to go
unless you are looking for a reason to buy a DP and no one will fault you for that. The holesaw will cut cleanly and the expense of the mandrel and saw shouldn't exceed twice the cost of a circle cutter. The mandrel is far more expensive than the saws but then you can use it with many sizes. The advantage is being able to use a handheld drill. I like the Blu-Mol saws better than the ones usually commercially available. Try an electrical supply house.
Were it me, I would use a circle cutting jig on a BS and, to me, if I was hankering for a new stationary tool, that would be a good excuse.