Depends how meticulous you want to be and if you'd ever make another one of these. For me, as a hobbyist, something with complex curves interspersed with straight lines would be a real challenge to get acceptably smooth so I'd do it the more time consuming way. I'd make an MDF template. I'd work with it until I was satisfied, backfilling nicks and bumps with Bondo. If I really screwed it up, I can always start over. MDF is cheap. Then I'd go to the project piece, cut close to the line with a band saw and a thin blade. I'd finish it with the template double sided taped to the reverse side of the plywood project piece. I'd do it on the back with multiple small pieces of tape so that removing the template wouldn't pull off any of the face ply but, if it does, it'll be on the back and not the face. Then I'd use a router with a pattern bit. A lot more work but, for me, knowing my skill level, or, more accurately my preponderance for an "uh oh", it would work better on a complex piece.
