Hi,
Its doable with a fly cutter but as the anti fly cutter people have said easier to make a mess and hurt yourself. For most of my panels I have used a hole punch. The one for my RV9 though I think was lazer cut. A friend with a machine shop did that for me because he owed me a favour.
If you have not bought instruments yet can I suggest you consider either minimising what you have in there or go glass to save weight. I have the extended panel in my 4 which is packed, if I were to do it again I would go glass to save weight.
Every since I have started flying my 4 I have been more focussed on weight reduction to make an excellent aeroplane even better!!

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http://www.aerobuilder.blogspot.com
Steve Arnold
England
In completion stage of Loehle P5151
Built and now Flying G.BVLR Vans RV4
Rebuilt G.BDBD Tailwind
Rebuilt G BVTN Kitfox
Built G CDCD RV9A with WAM120
Riveted wings on Glastar G.LEZZ Now (G. SKUA)