Naturally the hole size is going to depend on the specific parts. "Some" like a 3.5mm minijack for headphones, is typically 1/4". A 5mm LED without a holder is a close fit with 3/16" bit (little undersized, nothing a file touchup won't fix). With a holder it depends on the holder- some of the black plastic types have an ouside-lip diameter of roughly 5/16" and a 4/16" hole will work but there's only a little margin there, precise drilling helps.
Volume knob varies too, get out a ruler and measure yours. Presuming it has a fastening nut and/or washer, use those to gauge the bit size to barely fit in the washer or slightly larger diameter than the ID of the nut.
As others mentioned, a hole-punch can do well for the minijacks. A round file is great for expanding a hole for an LED with holder.
Another alternative sometimes mentioned is to fill the tin with water and freeze it, THEN drill it. Very sharp split-point bits work better for thin metal. Even then, it's possible to rip the side out of a hole (odds go down when it's full of frozen water) making it helpful to drill a smaller hole and file it out to desired diameter.