Think I figured out a solution.
I printed white 1-2 mm dots at the exact center of the buttons on the CPO. I'm going to hold the cpo over the MDF, drill through each dot, pull of the CPO, then use the dots to center my Forstner drill bit and drill the holes. If I trim the MDF a bit first, I should be able to line it up afterwards perfectly, and just punch through the holes with an exacto