Something along these lines would help,
https://www.ebay.co.uk/p/Draper-40mm-12 ... 0795899055
You would need a block bigger than the dial being cut out behind the dashboard, which has to stay to allow the
recess to be made, ie: the auger part will need the block after cutting the first hole out.
Also put masking tape over the veneer to minimise chipping, cut from veneer side.
Can be done cheaply and neatly, but you have to be patient and careful.
I already have something very like the tool in your link, that I bought yonks ago to cut holes in wall tiles and laminate flooring. Not sure if it will expand big enough to clear a 4" dial, plus it's bezel recess. But again, if you set it up and cut the bezel recess FIRST, then you can use the first auger hole in the dash to cut the through hole - if you're careful!
I've kept the plank dash in my Toledo for simplicity and adapted the adjustable (sprint) column to go with it. Though mine is currently modified to accept the Nova instrument cluster, the PCB on this unit is failing fast and new ones are NLA, so I am going back to a more conventional dash array using Triumph instruments and some aftermarket individual warning lights. To that end,I have a Sprint 7000 rpm Tachometer and140 MPH Speedometer plus an aftermarket 2" electronic oil pressure guage and a 4" 3 instrument fuel/water temp/voltmeter from a late Triumph 2000 which matches the font on the other major clocks. On this car, which is driven hard on track, i'm keeping it simple, there is no stereo, no clock, no extra lights, rear foglight, hazard light, reverse light, HRW etc. warning lights will be minimal as well, with only the basic 4, a single indicator repeater, main beam warning, ignition and oil pressure, all in a group between the 2 major dials and all different colours for immediate recognition. The dash will hold only one switch, that being the arming switch for the brake line lock, everything else is on the column. I'm confident that I can drive in this configuration without problems cropping up unawares. But then the car is always thoroughly checked on the ramp before a trackday, even if the last trackday was only a week before!