I used a Bosch holesaw in my pillar drill.
Reversed the head so it hung out past the edge of the bench and used a piece of wood the width of the spoke gap to support the rim. By putting a stop on the ‘support’ bit of wood the mid point of the rim was always directly under the drill and I had something to push against to stop the rim moving whilst drilling (although I did mark the centre between each pair of spokes for additional confidence).
Low speed, lots of wd40 squirted on to keep temperatures down and the bit spinning freely and it was fine.
Bashing each plug out of the bit each time was probably the most time consuming/frustrating part.