It can be done but it depends on a number of factors. First being the paint itself. Some coatings are more brittle than others and lend themselves to chipping. Also the tooling involved, how wore out is it, fresh clean edges yield better results. Taping the surrounding area is a good idea. In addition you could try one of the smaller holes in an area of the 2" cutout. Since you will need to have a 3/4" hole anyway, you could try it there or off center so if you need to use the hole saw you still have the option of drilling the correct pilot in the center.