Well, here's one opinion, and I never had any problems. BUT, when it comes to drilling holes in a perfectly good boat... especially the hull... to me that's like jumping out of a perfectly good airplane
Knowing that you're drilling in the console, here's what I've done in the past.
Take some heavy duty BLUE
masking tape and tape over the area you're gonna drill the hole. Mark your hole area on the masking tape. I've drilled holes over 2" for rod holders this way. Mark the center where the drill bit will start and make a small pilot hole with an 1/8" bit or smaller. Then chuck up the hole saw. I have always had the good fortune to have sharp, fine toothed hole saws. I don't know what an electrician's hole saw would do with the coarse teeth, and I'd bet a spade bit would reek havoc on your gel coat. But I rev it up and let the saw do the cutting. If I'm installing rod holders, then I'll go in at the angle the holder will be resting.
Remove the tape and you should have a smooth, unmarred gelcoat surface. I'll use the tape trick if I'm using a sabre saw for flushmounting electronics too.
Now, with that said, I'll bet there's an even easier way and one that's guaranteed not to screw up your fiberglass. I haven't had any problems yet, but never say never.