We all have our ways of bolt modding, me for example like to mark the spots where I'm suppose to drill with thin conical tip from my solder station. I also use dremel for drilling instead like other peeops that use the manual drill....... takes like forever with that thing, also I like snipping off the rivets necks with snippers, really quick and efficient.
Yes, I have a "chisel" blade for my Exacto knife which is much better than a carpenter's chisel. I use an old(er) blade to cut off the melted rivets behind the plate, then employ a fresh blade to carefully slice off the stubs clean and flat. I leave them as long as I can, since they go (went) through the metal plate, anyway.
I drill with a Dremel (I had to buy a chuck to fit a 1/16" bit) and it is fast enough. Actually, I wish I had another setting or 2 below "Low" for better control. And, yes, I start my holes with a divot from my soldering iron.
Sandy's description for preserving the crescent-shaped stand-offs was particularly good, I fear that these newbies are using huge bits and bolts are destroying the delicate fit. The tiny 2mm bolts are just the right size, and, with care, they can go through the interior of the shaft of the rivet without damaging the walls.
I had not planned to go through this exercise any time soon, since I have at least 2 barrel plates (aka "chimneys") already drilled with bolts installed, but when and if I do, I will try to take photos and re-create Sandy's magnificent work.
Too bad I have lost interest in the Model M after getting spoiled by the Model F.