I used a 2 flute endmill on the back panel for the RCA holes. The larger holes (for the tubes) I used a step drill. Make sure your mount the panel rigidly before drilling. Try to use a drill press or milling machine. I had my top panel in a machine vise with some 2"x4" wood pieces underneath. The step drill will go through the under laying wood without a problem. Makes for a perfect circle. You may need to do some deburring, I would get a deburring tool for this as it will make for a real nice edge compared to sandpaper.