Take Rich's advise  

Id advise a larger OD cutter for the Outside cutout, that is a lot for a small cutter to do. Unless you plan on several shallow cuts, To be buried in a profile cut that long means lots of issues.  I try to Never cut deeper than the diameter of the cutter. And a cut of that length will most always result in tool breakage unless going very slow with coolant/Tap magic/ or something that will keep things cool and lubricated. The other issue is how do you plan on holding this piece?

That is why most items of this type are a stamping/ cut out in a progressive die from a long strip/coil of material.

Yes I was planning on shallow cuts. I was thinking of using double sided tape to hold it down along with some clamps along the outside or the piece.
This is just a start, I know I will be learning as I go, and the larger cutter is a good idea.
I was hoping that a small project like this I could use wd-40 to spary on the tool.

It will only be 31/2" x 21/4 approx.

Thanks for the info, This is why I am here, I knew there would be someome who knows what they are doing that would lend a hand.

Thank you! This works great. I am amazed at how well you got it the the specs. Well Done!

Were you able to make your eye patch?  If so, could you post a photo of it?  I'm curious to see
how it turned out.