Yep. Some sort of saw, a drill and sandpaper. That's how I made my first plates.
I hope to get a chance to get set up and cut me some plates and rings this weekend. I have a LOC Viper IV and a Madcow 3" Little John that need some. If you interested and not in a big hurry, pm me and we can sort the details.
*Edit* I have moved beyond the saw, drill and sandpaper. I have circle cutters, hole saws, drill press, scroll saw and belt/disc sander. And a dremel router table.
Mikey D