Well done mate. For the future (I've only just seen this thread, sorry):
1. WD 40 will work fine on ali - paraffin is the "proper" cutting lubricant. No need to buy anything expensive - but I must say I've never tried baby oil! That's a new one on me - perhaps they didn't have it readily to hand when I was doing my apprenticeship in the RAF!
2. As already said above, hole saws are a bit of a so and so for this sort of job - not a lot of set and teeth quite shallow. For a start the chip clearances aren't great on most (if not all? hole saws, and then you have the annoying problem of the fact that when being cut, the chips have strong tendency to "weld" themselves to whatever cutting tool you're using. So a trepanning tool would be better if you have it. But especially if forced to use a hole saw, you need:
3. Gentle down feed pressure, NOT heavy IME;
4. Slowest speed you can dial/set up;
5. VERY frequent chip clearing, especially with the hole saw - SO be almost constantly (every couple or three revs of the tool) lifting it fully clear of the job to clear chips;
6. Finally (it wouldn't apply in the case of your router base because it's quite thick) but if there is a next time, and if the ali is thinner, try clamping it to a sacrificial board (bit of ply or MDF off cut).
HTH (IF there's a next time).