It will bind any time during the cut. What is the "set" you are referring to?
Not much different than using an annular cutter. Is it.Trying to hole saw a 2-9/16" hole through an inch thick piece of steel just sounds like a bad idea to me. It's the wrong tool for the job. If you have a Bridgeport, why wouldn't you drill a hole and work your way up to your biggest drill bit, then bore it to size with a boring head? It seems like it would be faster, easier, safer, and give better results.
GG