Ye, it is possible to cut a hole. You can almost see where a new updated 5 version or something will have its external accessible SD card slot...they will probably make a special arrangement on the chassis to handle the SD card.
Yes, it would not be too hard to cut a hole where it is located...problem is that the SD card will probably not be reachable outside the chassis...to make it easy to insert and take out the SD card.
But it is possible with the right tools to make some thing nice...
(Note: The quick ref manual said..warranty void if opened...)

Best regards.
Anders /
www.zourman.com