ChingoChee:
The fact that your overlays are laminated makes installation a little easier, imho. It was a bit of a nuisance to get the iniglo portion in place and then put the information overlay on top and try to maintain alignment. As for the hole punch, I have pretty much taken a massive hole punch to mine when I cut off the sections covering the idiot lights and turn signal indicator areas. No harm done. I am not the first person to do this; I read several posts from others who did not like the white face covering the warning light/turn signal areas and they just cut to suit.
In my case, I had three connecting wire leads, one for the left side, one for the right side, and a third for the center gauges. The idiot light & turn signal areas were part of the center section and I just cut them out. FWIW, I noted that there were no major electrical "tracks" before I cut, of course. I do not know whether these tracks are electrical conductors or just reinforcement sections or a combination of the two.
If there are electrical no tracks around the idiot light area and you do not want the white face over the original dash in that area, I cannot see any harm in just cutting out the offending portion. If the electrical wiring runs up through the idiot light section of the indiglo panel, then do not perform surgery!!
Chris