Drilling a large diameter hole by hand in steel is one of the worst scenarios in the world. Once the drill grabs, either you or the barrel are going for a spin. There is no doubt that the drill will grab many times during drilling, and trying to keep thing straight is secondary to keeping you hands and wrists intact.
During the above scene, you will also get the hole out of round and oversized.
Similar situations encountered while standing on a step ladder, drilling floor joists for 3" waste lines.....someone is going to go for a spin, and it ain't the house.
Now Rich mentions a piloted drill, as seen in antique gun tools. This would be a lot safer tool to use by hand. the pilot keeps the drill centered, and straight with the bore. Who has tools like that anymore?
Take it or send it to a shop that knows what they are doing.
Acer