Need The Blue Bucket (current Culture) Epicenter!!

The problem is boring out a 3" hole for the uniseal. The black module has a 2 3/4" hole, so how do I cut that extra 1/4" in a perfect circle?
 
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The problem is boring out a 3" hole for the uniseal. The black module has a 2 3/4" hole, so how do I cut that extra 1/4" in a perfect circle?
Even if it's not perfect circle, don't you have a bulkhead around this? Also, there's adjustable hole saw available ...
 
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