For power entry modules cut into aluminm panels (I use mostly .125"), the die and punch set is the tool to use. Unfortunately, the price is prohibitive for the casual hobbiest.
I've mostly used snap-in PEM's and Digikey sells a variety of them as to fuse current ratings, switch position, and IEC standard (there are different terminations), and interior connections. The screw mounted PEM's should be more robust for the hobbiest since holes don't need to be machined to quite so tight tolerances. The only other issue with PEM snap-in's is the mounting material dimension, i.e. most of them require a mounting panel that is less than .125 in..
Here's how I cut them: Mark location on panel, drill at least four holes (I like to get close to the corners) that will accept the size of jig saw bit used. I cut along the lines marked with a Bosch jig saw, staying inside the line. After cutting, I measure and proceed to file the edges using a traditional bastard file. The file makes quick work of smoothing and enlarging the hole to get an even and burr-free hole. I test fit the PEM into the hole (about 3/4 of the way so it doesn't catch the retaining strips), removing it to file the edges until it is an exact fit. Install the PEM, remember to add a fuse if you have a fused PEM.