Starting with no tools at all, a reasonably handy person might buy a hand drill and appropriate bit, a hand jig saw and a few fine-tooth blades, a fine cut half round file, and a C-clamp to do it cheaper than having just one cut by a professional machinist. Cutting by hand is neater than using a Dremel tool. Dremel does include a circle cutter in their kit, but it may be for 4" or larger holes. Perhaps one could be improvised for smaller holes in lens boards.
With a drill press, one can clamp the lens board to a layer of wood on the press and use a fly cutter or circle cutter
http://www.homedepot.com/webapp/wcs/...5X-_-100659792. A really patient craftsman can even use the cited circle cutter by hand. A hole saw kit may include the size you need, and would be better and safer to use than a fly cutter. With care a hole saw can be used iwth a hand drill. For frequent use, I made a jig to hold the flat lens boards from older Speed Graphic and other cameras securely on the drill press. It can be adapted to the later Pacemaker series Graphic boards and Linhof boards.
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