An alternative method would be a jeweler's (small hack) saw. Obviously, you'll still need to drill a hole.
If you really want to kill some time, I'd recommend routing a line, then squaring the corners w/ a file. Tedious, but should be clean. If you are lucky enough to have a Dremel, perhaps this is a chance to justify that nifty little plunge router attachment they have. As with a lot of things, the set up will take longer than the operations, but a good jig will eliminate some of the "all thumbs" rough edges that may occur with the jewelers saw.
P.S.: A scroll saw comment swooped in on me. It's like a jeweler's saw that does the work for you. Use that if you have access to one.