The classic method ("classic" meaning as practiced in a farm workshop 50 years ago...) is to scribe a circle just slightly smaller than the required final diameter, drill a series of nearly overlapping holes (1/8 inch or so in diameter) just inside the circle. Nip out the thin webs between the holes with wire cutters, and then use half-round files of increasing fineness to enlarge the hole until the lens just fits through. The resulting hole may not be perfectly on center, and may have a bit of runout in spots, but unless you are off by more than a sixteenth or so, it won't matter.
Over the years, I must have done a dozen or more like this, and still prefer it to a fly cutter if the board is not easily replaceable. I have also dismounted a handful of old lenses, and most of them had been mounted by this method (the wide flanges make the hole size and shape very non-critical).
Of course, when I had access to a numerically controlled milling machine it was a different story
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