+1 for the sanding drum on the Dremel. It's much safer than any cutting tool would be since it's not as likely to grab and throw the board into your person or impale your hand, if done without the proper machinist's vise and boring tool on a Bridgeport milling machine. Whatever you do, just don't try to use a hole saw in aluminum plate with a handrill and no vise. Extremely dangerous. Likewise, I wouldn't attempt to use the Dremel like a router with the supplied circle cutting tool in anything other than wood or plastic (such a cut is not going to be even remotely precise enough for a lens bore without cutting it well undersize, then using a sanding drum to smooth the cut.)
Results would depend on the lens board. With my Dremel and sanding drum, I found it straightforward, quick and simple to slightly enlarge one of those formed sheet metal Speed/Crown Graphic type lens boards to a Copal 0 without the burrs or bending a file might have caused. But here a perfectly round bore was already in the piece, the amount of material removed was just a few thousandths. If trying to take a plate aluminum lens board from just a pilot hole to a Copal #1 or #3, I'd definitely advise making friends with a machinist instead of the Dremel.