With the right mag drill this is a no brainer! However, the cost of the 1 3/4" x 2' annualr cutting bit will sober you up a little. Works good with some of the larger Jancy or similar machines. A ground down "spade drill" (local slang for straight shank drill) such as used for gun drilling operations works awesome in a Milwaukee mag drill with a 3/4" Jacobs type chuck as chip clearance is usually not too big a problem in this range of material thicknesses. This particular drill is heavy though!!
I am under the assumption that you are drilling the through hole across the two inch dimension. need more help just email and good luck!
XPERTFAB