probably would work well....but so does drilling a pilot hole....have you yet heard of a case, in over 10 years, of a miata suffering failure due to oil pan shavings?

+1

I wasn't even that careful in getting the bits out of my pan when I did it two years ago. Call me lazy.

A hole saw is less accurate than a drill bit for the hole diameter, especially for a hand-held drill. An accurate hole is better for the thread geometry. I would not do it personally.

I just drilled the pan, the car has AC so I dropped the steering rake, easy job only 5 bolts, it gave a lot of room to drill and tap the pan from underneath the car.