Isn't your new $40 holesaw actually a larger diameter than the holes anchoring your temporary center guide plate?
That would be a problem...
As nice as a cleanly cut round hole would look, I still recommend making the hole as large as the area between your mobo standoffs will allow. This results in a square hole ( roughly), the advantage of which is that not only is the socket exposed, but also the northbridge chipset and maybe even some of your mosfets.
As your installation looks very similar to my first config, I'm willing to bet that you will feel quite a bit of backflow through the fan as it is not very far from the surface of the board and is meeting resistance.
Opening up the hole in the wall should help alleviate that phenomonon somewhat.
Ultimately I'm guessing that you will end up with a larger fan mounted on the outside of your sidepanel anyway. Obviously the increase in CFM and the more advantageous distance from the board will increase the cooling efficiency...the downside is the aesthetics.
Fortunately, my case is black, so hanging a black fan on the outside isn't as visually jarring as it might be with your color scheme, but "in for a penny, in for a pound", eh?
The results are worth it IMO, but until you see some improvement for yourself I don't expect you to take my word for it.