I'd be tempted to go for a 22mm holesaw from the off IF you need it to be in a specific location on the bar, the risk of the hole wandering off centre increases with use of different, increasing sized individual drills.
Large twist drills tend to create trilobe holes.
With a holesaw, providing it's done slow and steady with lubricant, and you get the arbor in the right place first time, the hole will be less likely to wander.
Clamp it down firmly though.
22mm holesaw in this set from Toolstation here