Well, it's probably time you invested in a pin vice and bits Cory though it may not be necessary in this case. I'm not sure what the actual diameter of that light is but I'm guessing the lens is about 8 to 10 inches in diameter. At 1/48, that would call for a 3/16 or so bit which would be a common size in any regular twist drill set. If you have a drill set, you can actually try a starter hole using a 1/16" bit twisted between your fingers after having started the hole center point with a pressed pin. From the 1/16" bit, work your way up to the desired hole diameter through your drill set by twisting the bits between your fingers.
If that doesn't work, get yourself a good modeling drill set as it will always come in handy.