Plexi wasnt just used for conversions.  In a 
Namco ran arcade, all the games got plexi on
them... new and old.  
 Plexi does keep hand oils and sticky crud from
messing up the artwork.  Its easier to clean the 
smooth flat surface rather than a bumpy 
overlay.  Keeps sharp  objects from scraping
artwork.  Keeps art overlay from lifting due to 
glue wearing out - inflexibility - and 
enviornmental changes.  Protects art from 
fading from UV rays.
 Cutting plexi is tricky.. but not that bad.
  The biggest troubles arise if you do not
clamp the material.  Any vibrations will cause
the fractures. 
 1) Keep plexi covering on till your finished - else
it will  scratch while your woring on it.
 2) Clamp plexi to the control panel.  Use a soft
clamp, or pop something like a folder rag in the
jaws to avoid scratches from the clamps.
 3) Drill using a drill guide to reduce vibrations..
or better - use a drill  press.   Trying to freehand 
drill will most likely result in cracking as even a 
small kick or varience in your cutting angle will 
cause a crack.
4) Bit selection:
   a) Fostner bit = cleanest smoothest cuts! 
      but most expensive bits.  A little slow to cut
   b) Spade Bit - very fast cutting, nice holes.  
        Need drillguide or press to use well.
        Cheapest bits. (buying a full set is usually less
        costly overall, and nice to have all the sizes)
    c) Holesaw - med speed holes.  Have to unclog the
        bit each holes. A little rough.  Get a dedicated bit
        rather than a multi head  interchangable one as
        they arnt very durrbale, will break fast.  bi-metal 
        will cut thru all: metal, wood, plexi.  Good bits are
           fairly costly, but will last a long time.
     d) Circle cutter - a little tricky to use..  needs a drill
         press to use.  Good for obscenely large holes. 
*** Drill tips:
Drill at HIGHEST speed setting - BUT - drill 
down as SLOW as possible.  Letting the 
speed of the drill heat the plexi to the point 
of making it melt slightly so that it will not 
crack.   Some drill in reverse - but thats not
nessessary... and still can cause a crack if you
drill too fast downwards.  A drill hole that 
would take about 1 second in a harder 
material,  would take about 10 or more 
seconds to avoid cracks.
 5)  Drill a hole that will be for a bolt that
      will hold the plexi to the panel.   Once that
      is drilled, pop the bolt in and lightly tighten it.  
      Do each of the corners one at a time this way.  
     This will help to keep the the material in place
      and might even choose to remove the clamps
      afterwords
  6) Drill the Plexi and the control panel hole at 
      the same time to reduce problems with 
      wandering (where plexi holes and wood holes
      dont line up well).   OR
  6b) Drill a the panel from the bottom, but,  
        must add another piece of wood to the 
        bottom & clamp that as well (making a
        plexi sandwhich).   OR
   6c) Drill pilot holes,  then use a router to 
         cut the rest - following the edges.   I use
         a 1/4" rotozip bit for good results... hadnt
         tried a standard bit.
  
   7) Smooth edges of holes by lightly hand 
        sanding them with a high grit paper.
 Cutting Edges:
   Routers will work great for this.
   I have cut plexi with a tablesaw tho - and it
does work...  but its messy and chips the edges
a bit.   It may have been better if I had tried to
sandwhich the plexi in between wood before 
the cut - but didnt think about that at the time. 
  Scoring does work as well.   Clamp a straight
edge to the plexi, then run razorblade across
the edge into the plexi.  you will need to repeat
this several times.  After getting fairly deep into
the material... you may then try to break the 
parts appart.  Make sure to clamp the halves 
tightly so that one of the edges is overhung 
over a table edge or simular.
 Scoring may still need a good deal of sanding
and maybe some shapeing.  I recomend 
practicing this a few times before the actual
piece.