I designed and built two tube frame cars from scratch (
www.midlana.com and
www.kimini.com) using the typical tube notcher and hole saws. It worked fine, but was messy, the cutters are not intended for use on curves surfaces, and quality control was only "meh." That last bit means that the hole saw usually wobbles or has some offset. As a result, the end product isn't as precise as it could be—but the reality is that it usually doesn't matter due to all the other variables involved. The only real issue is the course pitch of the teeth; if someone started making fine-pitch hole saws, there's probably enough business that it would be viable.