OK, using SE You have to do it a little bit in a different order.
Start with the rolled sheet of material (YOu can do this either as sync or traditional, as You like.
You can drill a hole in it and there is a special option for sheet metall parts to let a hole be a circular hole in the flat pattern.
If this is enough for You, then this is still OK.
If not then You can continue to cut out Your outer contour and Your hole in the flat state.
Finally You have to bend back Your part and get exactly what You want.
OK, see a video:
I'll have to watch the video when I get home. . .security settings here at work won't let me watch it on our network.
Sounds like what I was looking for though.
I have seen the problems with the video too and so I have uploaded it a second time in to my previous post.