Last time i did it I got real ballsy(stupid) and did it free hand hole saw no pilot, cocked it at the slightest of angle to get started and then layed it down, came out perfect but I reallized afterward how dumb it was.
But I would typically do what 76 Bonneville said and clamp a chunk of wood in behind the old gauge hole, but I would use an extra long pilot insted to get my center. U might actually be avble to get away with 3.25 hole saw, alot of tacks/speedos are a little loose in a 3.375 hole.