I'm no machinist, but if you drill the 4 new instrument screw holes, then use these to attach a sacrificial square of aluminum behind the panel, this will be your pilot hole guide piece.
you can then use the punch, or a more primitive hole saw to cut thru the panel, and slightly into your scrap piece.
File, dremel, finish as needed.
Your local avionics shop may loan you a punch for the standard rental fee ( a case of Big Rock suds, or bottle of rye.
