hole saws work great, however forstner bits work great also and seem to go faster than hole saws. (paddle bits work if you don't have anything else, but having used all 3 options, i'd take a forstner bit over a paddle bit or hole saw any day. drill from the top of the panel, so if it splinters, it will be on the bottom side. if you don't want it to splinter, drill a small pilot hole in the center of all the button holes, drill half way through from one side, then flip it over and drill the rest of the way from the other side. it is alot more work, but keeps it from splintering. 1 1/8" is fine for joystick holes as well as buttons, no need to get a different size bit for the joysticks.