I installed, and let the glue cure for a couple of days. That's pretty key. It takes days for adhesive to really get solid.
Once it had sat there for a few days, I cut the circle out with a new blade my exacto. Also key. New blade every time you do a new CPO. If you feel like you nicked some metal, concrete or a screw... put a new blade on. They're cheap, and they need to be absolutely razor sharp to get a great cut. Also, it's better to make several light cuts than 1 deep cut. Using lots of pressure is a good way to miss and overshoot the cut, especially when doing a circle. Using 1 light cut to begin breaking the fibers apart on the CPO, and then successive light cuts to finish it up is the best way on the cutting. Generally where perfection matters, I may make a series of about 5-15 light, light cuts, rather than 1 through and through. Helps keep the xacto sharper too. Plus if you over shoot once, it's easy to correct on successive cuts.
Back to application...
I also generally heat up the CP with a hair dryer or heat gun during application. It makes it more supple, bend easier around corners and makes it more agreeable to laying down. I usually staple one side, heat it up a bit, then stretch it and apply it, make a few staples on teh other side in the corners and middle, then go back and fill in with staples. If there are any small bubbles, I press them out with a tool or a spoon.
When I was a design student, my teachers were absolute fiends for precision... they used to grade us on our projects AND our mattes, project covers and overlays, stuff like that. These methods are pretty tried and true for producing perfect cuts and glues.