Well, there's a couple of things you can do.
<U>1.</U> Cover the area around the location of your proposed "hole" with a couple of layers of masking tape to prevent scratches if you slip. I use the blue "masking tape" used when painting. It has an adhesive that won't leave residue or strip off the underlaying paint when removed.
<U>2.</U> There are various products you can use to line the edge of the hole after cutting. This looks very neat if done right! You can buy a rubber "c" shaped moulding at some modding sites, but its usually kinda expensive, over $1.50 a foot! I've used "car door edge moulding" from auto parts stores with good luck. This is usually under $5 for about six feet of moulding. It's a little stiff, and goes around corners easier if heated with a hair dryer prior to installation.
Hope this helps...