Cutting holes in center console

[Lake Chuck Duck]

In a rush to get the boat ready to take to the lauberge beach on sunday, I decided to fix a speaker by getting a new set. I wasted about 2 hours between getting new speakers at academy, parts store for electrical fittings, and working to change wires out. Had the speakers ready to drop in and realized that although the screw patterns were the same, the OD of the hole in the console needs to be wider. Ghetto rigged it and put old wires/speakers back in so we could get on the water.

Would a dremel-type tool be best to increase the diameter of the hole? I need to take off about 1/4-1/2". Havnt measured yet.