Thanks! I didn't know such existed. I have a dremel tool, so I could try this as well, but I'm not sure how great it will be on 3/4" plywood.
If you try to do it in a single pass, it won't be very good.

- Multiple shallow passes are the way to go.
- Drill the pivot hole all the way through.
- Cut most of the way through on one side -- preferrably the top.
- Insert 3 or 4 dowels/wedges in the cut to hold the center plug in place
or use double-sided tape to fasten the center plug to a board and clamp the control panel to the board. Either way, you don't want the center plug to shift when you finish the cut or the Dremel might take a bite out of the otherwise perfect hole.
- Finish cutting through from the other side. (reduces splintering/blowout)
Scott