Hell, you should do it the American way:
Step one - try to use the existing hole, since most people won't notice the difference.
Submit it for an RFQ, get bids from a MINIMUM of three vendors, then compare quotes. Once you get the quotes, beat up your prospective vendors for a lower price. Threaten to outsource to Mexico. Then, outsource to Mexico. When Mexico proves over time to be too expensive, outsource to China. You are compromising on quality with China, but it looks good on paper. Tell anyone that notices drop in quality that your specifications were clear, and any quality drop is justified by the additional savings. Get a promotion based on the cost savings before your bad business decisions are noticed and catch up to you.