Adam,
in my opinion, the acrylic top of the Quickie needs to be handled by the best bit possible, and though it is not a challenge to cut through, some bits might bind and crack it. The step bit is an excellent choice because it disperses the tension around the cutting edge more evenly, making less chance of binding. If you are cutting plates that are not too thick(maybe 3/16", I think that it is hard to beat a step bit. If you need a clean hole in something thicker, maybe a hole saw bit would be a better bet. I don't use regular drill bits that often anymore in metal seeing the crappy results obtained, and the time it takes to drill several sizes up to get the exact diameter you need. But then, there is probably something that I don't know about drilling with a regular bit, or don't have a machine that will drill slow enough.