Here's how I do it,
Make an accurate line drawing on stiff file folder material, and cut cleanly to the line. I use a scalpel for this. Trace pattern onto template material, 3/8" MDF in this case. Be sure to make the outer profile over sized by the thickness of your binding material.
Attachment:
template640.jpg
Cut template with drill press, jigsaw, files, etc. If you overcut, bondo and rework it. Get this first one righteous! it will pay off later. next make a copy of this first one with a router and template following bit. This will ensure that the sides are cut perfectly square to the face plane. If you're happy with it, make a few extras, you'll be glad to have them later. Using a pair of these templates, squared and matched, you can build a template to cut both sides in one setup. My f-hole template is pretty much straight outta the Benedetto playbook.
Attachment:
fjig640.jpg
I cut from the bottom up using a router table with a long 1/4" spiral bit with the shaft of the bit protruding above the tabletop to ride the rim of the cutout like a bearing. I use grease to keep it from burning or digging in. Voila, a 1/4" pattern follower. A 1/2" template following bit is too big for my F-holes. When cutting, I clear out the middle first, leaving the delicate edges alone, then make a careful climb cut to final cut the perimeter in the delicate spruce. Final cut is to clean up the sharp inner corners with a skewed carving chisel.
Not that tough to do, but go slowly because thin spruce tops disintegrate quickly if treated roughly.
Attachment:
fhole800.jpg
Good luck,
Gordo