I like both designs, but before cutting anything, I’d definitely verify there is adequate space/clearance on the underside of the panel for all of your desired controls to fit.
I came very close to duffing up my first build by not checking this. I just looked at my planned control panel layout from the top and said “heh, plenty of room!” but it’s misleading because things like joystick bases, the tightening nuts for your buttons, the required bend radius for wires, terminals sticking off switches, etc. call for a much larger footprint on the underside than you might think. I ended up having to bend a bunch of my switch terminals 90 degrees to squeeze out a millimeter or two of clearance so that everything would fit in the control box—it was a close one, but I won’t make that mistake again.