Use a jig saw w/ a metal bit to make the cut-out.
Mike, I would assume that he needs to relieve the existing hole for the new gauges to fit.
If you are going to use screws w/ plugs, then access is not going to be very easy after the varnish gets into the bungs. Also, if you have stained and varnished the panel, then it will be a pain to get the bungs to match stain color and varnish depth. If you have access from beneath, then drill clearnace holes through the glass, and screw in from the bottom. You may consider using flat-head or oval-head silicone bronze wood screws from above, which will end up matching the varnish fairly well, depending on the stain you used, and it will be easy to access things. Be sure to mount the panel, then remove the screws and seal the holes VERY well, either w/ many thin epoxy or thin varnish coats. Marine silicone is good for bedding it, but if there is not going to be a good seat, maybe you want to wax the glass, apply several coats of mold release, and then bed it in mahogany 5200. It will make it look fine, despite any gaps. Be sure to clean any excess off w/ many clean rags and spirits while it is wet, and let it dry completely, probably close to a week, before you pop it off to make sure it releases. Or you can leave it on and wonder if it will release when you need it to.
You can also set some #10 cap screws into the corners, and maybe a few in between, depending on length, plug them w/ bungs set in thickened epoxy to lock the heads, and then drill over-sized holes where they will penetrate the glass, and secure the panel w/ flat, lock wahshers, and nuts. This would work if you had access underneath to spin a nut driver, but not enough access to drive screws up. For this method, set the panel on the console after you drill some bung-holes where you want fasteners, then drill through the center of the bungs w/ a clearnace hole for the cap screws. Do this now, so you can match the bungs' stain and varnish to the rest of the panel. You will also have the cap screws as stands when you are coating the panel.
Paul
This post edited by CaptPaul 08:07 PM 06/09/2008