Well, last night I finally decided to be brave and start cutting my artwork...
It came out GREAT!
The mdf, artwork, and plexiglass all line up pretty good. There are a few buttons that don't fit perfectly, but if I angled them slightly and work with it, they end up fitting just fine.
Tonight I'll be working a little more on the control panel box (eg. filling holes with putty, sanding, priming, painting, etc).
All thats left is mounting the smoked glass I have for in front of the monitor. I already see a problem (there is a big gap between the control panel box and the monitor self).... but I'll post that in another thread.
In case anybody is wondering, I didn't use the pie-cutting method. When I tried, I wasn't able to make enough pie slices (the artwork keep bunching-up [for lack of a better term]). Instead, I used my exacto knife to make perfect circles by following the holes in the MDF. I used the same method for the trackball hole. It's not 100% perfect but it's pretty darn good in my opinion.
Thanks to everybody for all the help!