I use the same trim bit that I use to trim laminate.
Of course if you have a piece of scrap plastic, it wouldn't hurt to make a couple of practice cuts to get the feel for it.
I sandwich the plastic between two pieces of MDF (or any wood will work as long as it is flat and has a good straight edge.) Use C-Clamps to clamp it.
I line up the bottom board with the mark I want to cut on the plastic, clamp it together, double check alignment, then cut the plastic by allowing the bearing on the bit to ride on the bottom straight edge of the wood.
I also cut switch holes out in the control panel plastic overlay this way.
I cut all the holes in the wood panel (usually 1-1/8" paddle bit), sandwich the plastic between the CP and a piece of flat scrap.
I then drill holes in the plastic big enough to let the router bit in, then uses my router bit with the bearing above the cutting part of the bit, I just cut out each hole. The result is a perfectly matched hole and the edges clean up real good with sandpaper or a fine file. Also a dull pocket knife will clean up the plastic edges real nice. Then before I unclamp, I run along the edge of the CP so the plastic matches the size and shape of the CP.
Helpful hint, sometimes after cutting a couple of button holes, I insert the buttons and tighten them down, this helps hold the plastic to the CP, but you have to make arrangements in the bottom wood for the buttons sticking through. I usually bore a couple of clearance holes bigger than the buttons, in the bottom wood.
Good luck, and please let us know how it turns out for you.