I just made a jockey box a few days ago.. the same 1" hole saw that I used for my kegerator worked perfectly drilling into my coleman cooler....
a 7/8" would work as well
drill, crescent wrench and faucet wrench and away you go!
I dont know which size coil you bought but I have a 50ft. and I used 20 psi and it worked great 100 or 120 ft coils use 32-34 psi
I hope you have the same success that I had with my micromatic jockey box