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Not tried it on iron but I've got this

DeWalt Plumbers Holesaw Kit 13 Pc | NoLinkingToThis
 
I just use my normal hole saws but just buy a new one for the job and bill it takes a bit of time just keep cooling it down in water but use a mains drill otherwise you"ll be going through batteries in no time, last one i did took bout 40 mins
 
Any decent holesaw will drill the cast no problem. Starrett or bosch amongst others are fine.
McAlpine do bosses for cast or you can get a timesaver strap on.
 

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