For my wallplates I use a Greenlee 15/16" punch- which was worth the investment for me because I seem to do a lot of these. It can be obtained from Markertek here:
http://www.markertek.com/MTStore/product.CFM?BaseItem=GL730A But probably not by Friday: check your local electrical distributor, because these are also used by electricians all the time. If you intend to be doing this often, get them both. The results are _much_ more professional than you'd ever get with even the best Unibit stepped bit. These punches just use a 3/8" pilot hole, and they are a complete nobrainer to use: perfect every time, even on stainless.
As to the pinout: it does very much matter which is which! You don't want one of your signal lines on the shield. I have an easy mnemonic for the "standard" (well, US standard since the 80s, anyway) pinout:
Tip-to-2. Tip is always signal positive, or hot.
Ring-to-3. Ring is always signal negative, or cold.
Sleeve-to-1. Sleeve is always the outside shield, or ground- which makes sense, because on a regular metal TRS jack, sleeve is shorted to chassis ground by the jack.
If you can't remember anything else, remember "tip-to-2". Sleeve/shield is dead easy: it's the sleeve on a TRS, and on an XLR female, the contact for pin 1 is always pushed out a little further in the jack than the other two. This is done so that shield/ground is always connected _first_ when you plug 'em in. Betcha didn't know that...
Which conductor of the pair do I use for hot? Simple. Remember "white-hot" or "red-hot", and if you don't have either white or red, "light-hot": the lighter color of the pair is hot. Whatever is left is cold!
White/red/light-hot-tip-2. Piece of cake- amuse your friends...
From Parts Express, the part number you want is 092-043: the Neutrik NCJ6FI-S jack...