I think there's more a risk in things not lining up correctly in this situation if I drill the holes first. The buttons/joysticks go in predetermined spots on the CPO, and I don't have much faith that I can get all of that measured exactly enough to transfer over to the metal panel to drill it.
I see what you are saying. The CPO's graphics has them little circle things to say "hole goes here" (in a sense), and you feel if you do it the normal way, then you might get a button/etc.. slightly off center and it will look bad because the graphics outline the suppose to be place ?
If so - I do agree that the approach you want to do makes sense. But I warn you, still, being slightly off center on them graphics is less serious than being slightly off center from the actual hole in the CP. Let me walk you through my concern. So I imagine you want to punch the holes cleanly through the CPO first to get them dead balls accurate to the graphics. Then position the CPO on the metal CP and mark the holes, then drill them holes in the CP. Right ?
So, IMO all holes drilled in metal "walk" a tiny bit before actually digging in, unless done professionally, and even then I've seen them walk a touch. Meaning you most likely could easily be off by 1/16" of your marked location. The buttons fit in that metal hole, not just your CPO hole, so then the button will still sit off a little from them graphics AND you'd have to clean up the rest of the hole on the CPO to match the hole on the CP that walked a touch. now you got a off round CPO hole and button still sitting off the graphics.
Not a big deal, but I just think either way you got a chance of something happening that you don't like, and me personally I'd rather have the CP and CPO holes dead on match than worry about them graphic circles lining perfectly up. And IMO there is more of a chance you get it perfect the way I describe. But hey, I could be wrong. Definitely do what you feel is most comfortable for you.