I'm resurrecting this 9 yr old thread because I cut hood lock holes into my reproduction hood today. Whewwww... that was nerve-racking!
As others mentioned in this thread, even though the 2011 Recognition Guide (page 104) talks about the large holes on the underside of the hood being cut with a nibbler, that doesn't appear to be the case based on my original hood. The holes definitely look like they were made with a hole saw. Yes, they have rough edges (consistent with a hole saw) but they aren't oval as stated in the book.
See photos below showing a 2.5" hole saw fitting neatly within the original holes on my original hood. (just like the photos that Scott (GTCSMustang) posted earlier in this thread)
To replicate the holes in my new repop hood, I used a 2.5" bimetal hole saw. I used my original hood as a template to locate the holes on my new hood. Measure twice (or 5 times!) and cut once as they say.
I then used a spring loaded center punch and then a small (brand new & sharp) drill bit to start each pilot hole from the top side of the hood. Then I enlarged that starter hole with the pilot bit from the hole saw, this time going all the way through the inner layer of the hood, being very careful to keep the drill level and straight. This gave me the guide hole for the 2.5" dia hole saw, visible once I flipped the hood upside down.
Below are the various stages of cutting this hole, starting with a sharpie to show where the hole would be in relation to the rest of the hood. I used medium to high drill speed, but applied pressure to the drill very slowly. I held the drill very steady with both hands and let the teeth do their job without putting a lot of downward pressure on them. Otherwise the bit would have caught and possibly damaged the hood.
After both bottom holes were cut, I flipped the hood over again and used a 7/8" hole saw for the topside holes. The top holes on my original hood measure 7/8" dia, but the 7/8" hole saw wouldn't quite slide inside them. I went ahead and used it on my new hood anyway, and the end result is a hole slightly larger than 7/8" dia, especially after de-burring. For anyone else doing this, I'd suggest using a 3/4" dia hole saw instead and the end result after cleanup should be almost identical to the original size hole. I'm not worried about my hole being a little oversized because it just gets covered up by the hood lock washer anyway.
All in all, the holes turned out really well. Just took a bit of planning and a lot of patience.