2" sspade bit with a hand drill is still pretty sketchy. You can get something like this instead.
You should just buy one. You can get this for 8$ shipped and the 2" hole saw is what you use for 2" net cups http://www.amazon.com/Black-Decker-71-120-Assortment-5-Piece/dp/B0009ZAEY8/ref=sr_1_15?ie=UTF8&qid=1435761386&sr=8-15&keywords=holesaw+kit . If you need a larger size for another net cup you can find a kit for that size. But the majority of people use 2" netcups. I have several 10ft long tomato vines in 2" net cups right now
Are you passing shanks through, or lines? I ask because a shank needs like a 1" hole, in which case you'd need a hole saw bit. http://www.amazon.com/Black-Decker-71-120-Assortment-5-Piece/dp/B0009ZAEY8/ref=sr_1_1?s=hi&ie=UTF8&qid=1429894770&sr=1-1&keywords=hole+drill+bit This would be a lot harder to drill through metal with.
Hole saw sizes: 1 1/2" for the smaller/lower hole, and a 2" for the larger/upper hole. These sizes typically come standard with a hole saw kit ($14.02): https://www.amazon.com/Black-Decker-71-120-Assortment-5-Piece/dp/B0009ZAEY8/
NOTE! The official IKEA FIXA hole saw kit does not come with the correct corresponding sizes!
My specific hack requires a grommet to achieve a tight yet adjustable fit while utilizing standard hole saw sizes ($7.49): https://www.amazon.com/HYCC-Flexible-Desk-Grommet-Color/dp/B01KNXAPK8
Get a hole saw drill bit , they are pretty cheap, usually under $10 and can be bought at a Walmart or HomeDepot etc, make sure you get one that is the size that you wan't. Also if you wan't you can get a grommet which you can use to organize the wires a bit better too and they are pretty cheap as well.