well, i did my mod. Here's a picture of how it turned out:
link (this is a large image ~1meg). I have one fan blowing on the processor and one on the video card (geforce4 ti4200). Both fans (as well as all fans in my system, including the PS) are panaflo L1As. I didn't have much of a change in temp since I previously had the two fans on my system. Previously I had a windowed side panel with the fans at the bottom of the case. This just allow me to use my solid panel instead. Cutting through steel was somewhat difficult, but a very powerful drill and a little patience was all I needed. My case is a mess (my son likes to drool on it) and I put a couple scratches near the top fan. I plan on fixing this real soon.
One of my friends used my tools and also did this to his computer and netted a 10C drop in both his case and processor temps. Granted, he had horrible airflow previously.
I still have a little touch up to do, but I'm very please with the result. If anyone want more pics, let me know. I can put a picture of the bit I used too if you need it.