You should look at a physical switch to figure out how close to the corners it gets. As a general rule, you want your bit to be as short and fat as you can get away with for a particular job.
Ya, I'm just getting antsy, I got in on the Gateron GB and just haven't received my switches yet! My cutting method would to use a larger end mill to clear out most of the material and then use a smaller bit to clean up the corners.
What material are you cutting?
I would be using Aluminium.
Another option for switch holes would be to extend only sideways in the corners, so that the hole is shaped like a fat letter H with rounded corners. That shape would allows for larger routing bits to be used.
I suggested it in this thread were we discussed it a bit, and tests were made. The shape has also been used in at least one custom keyboard...
The difference between the stabiliser cutouts is that there is more space between the stabilisers and the switches in one of them. The original cutout that Cherry publishes has space between the switch and stabiliser.
Cutouts on the sides of the switches (to allow opening without desoldering) and compatibility to Costar-style stabilisers were added to both designs later.
I think making the cutout wide it probably what I'll end up doing, it will more than likely make the cutting process easier. I had read that thread and there is definitely some good info there.
I'm still a little unsure about these stabilizer cutouts, I think I would want to want to use Costar style stabilizers. This is my first custom, so I'm not stuck in one way or the other, I had just read that Costar stabilizers are better.
If you're planning to use the plate with a PCB, then let the PCB provide the horizontal alignment and use a 14mm tall rectangle with the width at 15mm or wider, depending on how small you want the corner radii. Cherry MX switches snap in on the top/bottom edges, not the side. i.e. a 16mm x 14mm x 1.0mm radii would be fine (maybe even 1/16" bit would work).
Using a PCB would be the ultimate end goal, but the board will be hand wired on the first iteration. Once I get my X-Carve I'll be hammering out cutout tests like no ones business, I think I'll probably end up at a cutout like Findecanor mentioned; a fat, sideways 'H'.
Using Cherry PCB-mount stabilizers also simplifies things a lot... you just need a rounded rectangle big enough for the stabilizer to fit through, not snap into... i.e. 7mm wide, and 6.0mm/9.015mm above/below switch Y center, 1.0mm radii.
I'm no expert, though, I'm just giving my opinion based on looking at plate design files from jdcarpe and others.
This could be an interesting idea, once I go to a PCB.