Hi Doug
I'm a cheap SOB also
The last one I made was about the same, it is 30" long with a 3/8" slot down the center of 1/2" thick x 5" wide MDF and a 1" hole in one end , the slot holds a small device with a 1/8" hole and a clamp device to lock it in place.
Drop and cut the hole out quick and easy,popin the 1" brass guide and it's done in a heart beat.
I see many workworkers like to use the band saw but it takes a bit of time to set up the support to hold the stock and the router can do this small job so easy.
I use it to cut the big ones out like round/oval table tops and oval mirror frames, etc.
Bj