I've searched through a bunch of posts and i think I have my answer but i figured I would double check.  I'm installing a trackball from the X-Arcade enclosure.  I think someone said it's the same as a 3" Betson.  I want to mount it in my control panel the same way it's installed in the X-Arcade.  The bolts showing don't bother me and I don't have a mounting plate.  I'm thinking all I need to drill the 4 mounting screw holes, the large hole for the trackball and rout out the bottom.  Some questions:
I'm assuming the hole for the ball would be best cut with a hole saw.  I measured the hole and it measures 2 7/8"  Does that make any sense? shouldn't it be 3"?   
If I decide after the fact to go with a plate, i will just need to recess the plate?
If I use a mounting plate it's much more forgiving as far as neat cuts?
thanks