If you can have them punched, it's a lot better. I've installed two sets of the patch panels and they are a pregnant dog to get right. They are so close to the top edge and to the body line that it's difficult to get everything looking as it should. Also, the patch panels aren't punched out all that well to begin with. I think that you can get your fenders punched for around $400 for the pair, but the problem is getting them to the guy to have it done. There's a couple of guys doing it now and I can't remember either one of them right now. I'm sure someone on here can tell you who and where.
If you decide to go the patch panel route, at least you don't have to spend lots of time and money getting the fenders to the guy to punch them. P and G Classics has the patch panels and gills now and they're a lot cheaper than the other guy. Before you install them, you might want to cut the panels down a little all of the way around so that you can stay away from the body lines and the rear edge of the fender. Don't overlap them, they're easier to work if they're butt welded in. Tack weld them in every other inch or so and keep the welds cool as you go. After you have them welded in use J B weld for the initial fill. It will have to sit over night to fully cure. The reason for this is that the J B Weld doesn't shrink. You will have to grind the J B Weld down and then you can skim coat it with polyester putty coat. The first set that I did using regular filler sat for several months before I had a chance to paint the car and it still shrank around the weld area. I learned my lesson and now I use J B Weld anywhere I don't want shrinkage. All of the resto shops around here use this method of filling.
Have fun.
