I use that circle cutter (trepanning tool) regularly to cut copper (Brass but not as often) from sheets, as Eddyde pointed out it can be quite dangerous if the sheet is not properly secured , I use double sided tape on the back of a small sheet of copper and then press it on a 1/4" piece of plywood, this way I can clamp the whole thing to the drill press table.
I do set the drill press on the lowest setting and use cutting oil during the cut, no pilot hole is necessary if the workpiece is clamped right. let the small pressure do the cutting, I cut with many stops in between to let the copper and the sticky tape on the back to cool down, then add a couple of more drops of oil and start cutting again, it will cut a perfect circle but the accuracy is not the important in my case but in general it is harder to achieve.