No need for something running as slow as a brace-and-bit driven one -- and easier to adjust for size if you are making a single cutout at a time -- like to clear a piston/cylinder in a head gasket. (In a drill press, you would want two cutters at the same radius to minimize off-center weight vibration.)
Now -- with two cutters, you have two choices:
1) For a single hole -- either carefully adjust both cutters to the same radius from the pivot point, or remove one of the cutters. (If the latter was done with the one in the puzzle, it might have been lost over the years. 2) For making a ring gasket -- adjust one for the OD and the other for the ID. Probably best done with them on opposited sides of the pilot. Two cuts at the same time.Enjoy, DoN.