I did just that on a project I did not long ago............................................I used a peice of 3/4" plywood when I had to enlarge some rims center holes to 3-1/4" so they would fit my garden tractors hubs (they were 4.5" 5 lug ones off a Ford,my tractor uses that bolt pattern,but the center holes were too small)..I bolted the plywood to the lug holes with 3 bolts,and used a compass to find the center of the hole,and used the plywood as a back up,for the center hole for the drill bit to let the hole saw cut a accurate hole in the rim..did that when I put a CB antenna ball mount on my van where its fender already had a smaller hole than I needed too...couple of self tapping screws to hold the plywood behind the fender,it worked great....I'll have to remember the "double hole saw" trick too now!...