Actually the second idea is not a bad one, Greg. Thanks. I don't think the first idea will work very well b/c, if you clamp both halves together tightly, the hole is actually oval to begin with. It would also be pretty hard to keep everything aligned along the length while drilling.
Again, though, I don't really see any reason why your second suggestion won't work. I'll look into it. Thanks.
For those considering all this, if I remember correctly, some of the swivel eyeball types are designed to be reamed up to size. Thus, although they are more expensive and require larger size holes in the firewall, they may be the best option presuming you do some preplanning to make sure your 2-3 control cable holes won't interfere with each other.