If you are thinking about using this for the bell housing slot for the IMS Solution oil line, let me make a suggestion: WIth just the new flange set loosely in place, make the bell housing lip location with a marker, then drill a small pilot hole to start, increasing the bit size until you are at the opening size needed. Then trim away any excess material first with a fine hacksaw, and then clean up and bevel the edges with these bits.
My preferential method is to use a rotary broaching tool once the pilot hole is in place. The broach is basically a very accurate hole saw type tool that makes a very clean hole of the right size in one move, but is rather exensive for a one time DIY:
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