I snatched the bitmap you posted, and worked with that. I had to manually adjust some of the spacing, but I think its pretty good.

While not the greatest pic, this is what the toolpath looks like...I had to just take a picture of the screen, since it doesn't output into anything postable.

The outside is the 1/4" cutter making the 102.3mm cutout, and each hole is 5.2mm. And yes, the holes will be perfectly round...the pic makes them look a little funny.

Close?

Toby