i think i might try a hole saw maybe . this may sound odd but if you try the hole saw with a drill you will probably want to run the drill in reverse as it will make for a cleaner hole .and will lessen the chance of snag . and if the hole needs to be smoothed a bit you could dress it down with sand paper or use a plumbing torch to flame polish the ruff spots . i would recommend to try this with some records that you don't care about first though as i am not sure how good this will work , but i think this is how i would go about it . if you figure out how to do this i would be curious to hear how it's done