Now put the old frame bolt back in and tighten in a few turns. Put the fairing back on and then put your same drill bit back through from the outside in. Push it in until it hits something on the back side, now with light pressure let the drill turn a few revs to scratch the surface of whatever the drill hit. As before try to be as close to parallel to the ground as possible. Now take off the fairing (again) and look at the head of the frame bolt. If you are good and lucky the center of the bolt head should be scratched from the drill bit. If not adjust the center of your accordingly and repeat.
Now that you have the hole marked its time to do some real damage. You can cut the hole anyway you want but the easiest way is to go to Home Depot and buy yourself a hole saw. I will post a pic tomorrow if you dont know what one is.
The 1 3/4" is the perfect size with a tight fit. 1 7/8" may be a little better but there is not much room on the left side for a bigger hole.
Before you use the holesaw make your pilot hole a little bigger, proceed to make the hole bigger by using ever larger bits but be sure you stop before your hole is bigger than the pilot bit on the holesaw. This will make sure the center stays centered.
I cut the hole with the fairing on the bike to make sure the drill was parallel to the ground when I started to cut. Put some masking tape around where you are cutting so you don't chip the paint.
Now start the second guessing. Can I do this? Will I F it up? This seems stupid, I should have a pro doing this.
Well it's too late now you already have a hole in the fairing you might as well go all the way. If you done your work on lining up the center this is the easy part. Put the pilot bit in the center hole and SLOWLY very SLOWLY start to cut in making sure the drill is parallel to the ground. This will make the cut round and not oblong and funny looking.
Keep going until you are all the way through taking your time and not spinning the drill to fast.
The left should look like this: