I tried this about ten years ago for a build, and found it to be not worth the effort. I used the tool shown below, and cut ovals with the smallest oval. I still had to reposition it as the oval wasn't wide enough. The probelm wasn't in the cutting, it was in the mounting. It just never looked clean enough.
I finally resorted to Krystal Cote (of whatever it was called back then) for window openings, tinted with a pinpoint of green food dye. A little of that stuff goes a long way. If you still want to try it, I'd suggest you drill two holes in brass shim stock and cutting out the portion between them. Then you can make the stencil the correct length. I've made other little jigs this way and it works pretty well.
The tool:
