thanks for the advice guys.... like i said i found a method that actually worked really well.
I started with a bit like this: (although i got a cheap one at harbor freight)

i have a small, laminate trim router, so it is lightweight and easy to manipulate. i just turned the router on and held it above the panel, and slowly lowered it into each button hole, it cut into the plexi like a hot knife through butter...then after all of the holes were drilled in this manor, i installed the flush trim bit, just stick it through each hole and used the holes in the MDF as a pattern. this worked very, very well.
that V groove bit has been quite handy in the construction of my control panel. my joysticks are bottom mounted, but i am bolting them through the top of the MDF (under the plexi). i didnt have a countersink bit for my drill, so i used that router bit in the drill to countersing the bolt heads. i tried doing the same thing with the plexi, but the drill just doesn't spin fast enough...it worked, but took a really long time. when i used the router, it only took a few seconds to make each hole
i've learned through this process that a router is an awesome tool. you dont need a good one..i got one of these:
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=44914it is awesome...i had borrowed a full size router from my friend for a different project once, but this one is so much easier to work with, due to it's small size..plus it was only $25!!
so..for anyone looking to drill holes in plexi...this method works very well.