I did the drilling Saturday and all in all it went pretty well. It took about an hour and a half total, including the time to make the jig. The 2 3/8" hole saw was the right size to go with. Because of the run-out during the drilling, the hole came out at 61.78mm. Since the gasket measured 61.74 and the TB 61.89, it was just about perfect.
I ended up using a scrap piece of 5/8" MDF, which let me use the bolts without having to countersink the holes, and used the gasket as a template. The bolt holes were drilled slightly oversized so I could center it over the manifold opening.
Remember to take the bit out of the center of the hole saw!
The actual cutting took maybe two minutes, tops.
And here you have a nice round hole. A few swipes with a sanding drum in a Dremel cleaned it up and left it right at 62mm.
Would I do it again this way? You bet! But I don't know if it would be worth it to run out and buy a hole saw just for this.
I did remove the top two vacuum fittings and taped over the bottom two, then stuffed the holes with rags and gave them a good coating of grease for the shavings to stick to. If I were to do it again I think I'd stuff the holes and then use shaving cream to catch the debris (much easier clean up).
I put everything back together and the rig fired right up. No screaming idle, whistles or other issues. After punching it, idle speed drops to 1050 rpms and then drops right down to 750. I'm sure this will go away once the ECU re-learns itself. The throttle response is much crisper and low / midrange power shows a definite improvement. On the freeway it will hold 70 in fifth on a flat stretch and give a little increase now when I mash it to the floor. It still needs fourth on the uphill grades but will now actually pick up speed on those slopes. From what I've read, it should improve over time.
All in all, for less than a hundred bucks and an hour or two of your time, it is a great modification to do. BTW, Bounty Hunter is a great guy and you won't be disapointed if you get your TB from him.
Next up: Electric Fan!