if you are putting down paper on the board for the purpose of knowing where to cut the hole, then this is how to do it and get a clean hole.
Best to use a drill press to get straight holes.
1) Tape down the pattern of the holes you want to drill. ( this pattern should have a center point marked for each of the holes)
2) Using a regular, SMALL drill bit, drill a hold at the center point of each hole, straight though the board.
3) Remove the paper
Now you have created pilot holes, and will know where the center is of each hole, whether you are looking at the top of the control panel or the bottom. I assume you know the diameter of the buttons, if not look up the correct size and use a drill bit of the appropriate size. I would suggest forstner as it will give you the best results.
4) Replace your tiny drill bit with the one which you will use to make the actual hole.
5) Align the board up so the the drill bit is centered on the pilot hole.
6) Drill half way through the board for each of these holes.
7) Flip board over and drill the holes from this side
Because you only drilled half a hole of each side, you won't have any tearing of the wood when it punches through, that you would have gotten had you drilled right though the first time.