Heck no on that huge hole saw! Use a small center punch or hardened nail head to put a start point in the center of that screw. Put painters tape around the area to protect from scratches. Slowly Drill a 1/16” hole down the center of that screw. Proceed to a 3/32” or 1/8 inch drill after. When clear, If the hole is a bit large put a drop of epoxy or filler in the hole and drill new hole to mount post and done.