Size of holes and placement was covered in the thread. A member used 9/64" for the hole and 1 'oclock to drill.
I'm half way through the project (someone took my dremel from the garage) and so far so good. I did not butches the stock knob at all. In fact, I can still convert to stock anytime I want up until the point when I cut the boot. However, I had to cut the wires (on the stock shift knob) in order to pull out the LED board. There simply isn't enough room to pull the snap connectors through, especially with that stupid wire wrap around the wires. I will rewire them later on. BTW I took many pictures and will have good documentation tomorrow - when I plan to finish this.
The project is not hard, just needs some thought and patience. I will post when I finish with pics and instructions ... there is a great way to remove the LED board using two paper clips