The "C- " or "U-"channel rubber grommet can be found priced by the foot-length at
www.mnpctech.com.
A hole-saw can make a perfectly round hole -- provided it has an arbor and you drill the center-hole precisely to start it. I'd think it would also make a lot of racket and noise.
I use fiber-glass-reinforced Dremel cutoff wheels to cut fan-holes 92mm and larger. A nibbler tool only lasts so long -- unless it's the $45 motorized kind sold at Harbor-Freight -- and the manual nibbler tool will really leave you with sore -- even pinched and bleeding hands -- if there is much work to do.
The trick to using the dremel:
Score the circle as precisely as humanly possible. I'd use an etching or scratching tool, like the diamond-tipped pen you can get to etch your identity on metal possessions, but a sturdy nail with a sharp point will also work.
Same principle for cutting straight lines with a Dremel applies: you want to make several passes that leave a groove in the metal -- making it easier to make additional passes. Don't bear down on the blade -- you'll eventually wear out the brushes of the drill -- so you make your cuts by touching the blade to the metal in repeated passes.
The groove you cut should have a shade smaller radius than the scored circle, because you're using a circular blade to cut a circular hole, which is going to make the groove wider than for a straight cut.
Once the saw is beginning to cut through the metal, or there are only a few places where the metal is still joined with the outer surface, you can wiggle the nearly-severed disc free.
You can then use the same blade at right angles to the cut to shave irregularities from the edge of the hole until the original score mark defines the holes perimeter.
It takes a steady hand and practice, and it may take more time, but I've been more inclined to cut 120mm holes this way. there's also another reason: you add to the stability of the case panel if you leave a brace in the shape of a cross that's maybe a quarter inch wide for the spokes and just shy of eclipsing the fan's hub. The dremel allows you to cut the hole in "quarter-round pie-slices" to leave the reinforcement intact.