a 3/16" drill? don't ya mean a 3/8" drill???
a 1/2" hole is easily done with the 3/8" drill and a standard set of bits. just use pilot holes, gradually increas in size and you'll be fine, like from 1/4" to 3/8" to 1/2". any closer than that and the bit will grab and it'll give you more trouble. for half the $ of a hole saw setup you can get the right bits and just use the 3/8" drill just fine. just us a little oil (I like Marvel mystery oil, its cheap and works great). The step bits tend to be a little expensive, and, if you drill a lot of smaller holes, the smaller steps get worn out/dull and renders the entire bit useless after time. Its way much cheaper to get a few small bits and use them. But, don't get them at Lowe's, go to somewhere like Fastenal or Graingers and get them, or, preferrably a shop that specializes in industrial cutting tools like drill bits, grinding wheels, saw blades, end mills, and lathe inserts. It'll be much cheaper and usually the quality is much higher.
Rob