[How do I?] Make Hole 0.375" Larger Than My Largest Hole Saw

If you use a hole saw. You will have a piece of scrap that can be used on another project. The boring bar idea just makes swarf to throw away. If you try the hole saw idea. I would strongly recommend you set it up in a milling machine/drill press or smilliar (much safer). And not try it with an electric/battery hand drill.
 
How about a rotoburr holesaw tool. They seem to come in large sizes, but arent cheap the boring head or set up in the lathe to do it 4 jaw or faceplate will work. Geter done
 
After starting with the hole saw, drill a hole, or 2, in the circular mark left by the hole saw. This will help clear chips and the hole sawing will go much faster. Finish to size with boring bar or boring head.
 
I've used a Trepanning tool, aka adjustable circle cutter (like the General Tool #55), to cut holes and circular pieces, they are a little tricky to use but can produce very good results.
http://www.mcmaster.com/#3082a2/=12qx835
 
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