Glenmore, you can increase the size of the opening a small amount without causing any harm. Before you do, how thick is the material around the hole? If it's at least 1/2" thick you can purchase replacement centers for a Rousseau mounting plate for like $9. This gives you the option of having your center hole 3 different sizes in a heartbeat. The center opening is like 1-1/8", removing the grey insert gives you like 2-1/4" opening, removing the red insert will give you room for the biggest panel raising bits. All you have to do is cut out the opening to fit the red insert leaving a lip to support it. You can even make your own inserts with different sized holes in them from 1/4" Masonite. Either way you end up with the minimum open area around the bit which is good for safety and for dust collection.
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