Matt,
I have been cutting my panel over the last three or four weekends. I used hole punches for the round 3 1/8" & 2 1/4" holes but I have successfully cut the square holes with my router.
I used a wood cutting router bit like this:
and also made templates in 10mm MDF board (used 12"x18" pieces).
This made it pretty straightforward. First, I marked out a hole in the panel blank. Then I cut it out rough, to within about 1/8", with a saw. Then I clamped the template over the rough cutout and routed it.
The results were fine. I did have to file out the corners as my router bit had a 1/2" diameter. The straight lines did have a tiny 'wave' to them, just a few thou peak to trough, which were visible but easily sorted with the file.
I am guessing that the results would have been better with with a router bit specifically designed for metal but the wood bit was just fine.
I used templates for my AF3500's and Garmin 695 with AirGizmo mount.
I also used the 695 template, repositioning few times over to cut the hole for my Garmin 240 audio panel.
Regards,
Steve Hutt
RV-7
West Sussex, UK