The real Dave says....doubt if you can sharpen a hole saw. I'm bettin' that it is the same grade and temper of steel as a hacksaw blade. Can't recall anybody sharpening one of those, have you?
Of course there are TCT hole saws but I have no knowledge about them. Might hit the web and send an email to Starrett or Milwaukee or one of the other sellers and makers of hole saws. See what they say about re-sharpening 'em. Tales of a Boatbuilder Apprentice