Not that I am a pro at recovering but if I understand your question I will say this. You don't cut the covering around the hardware. The hardware mounts to the shell through the covering. I would suggest a Unibit for drilling the mounting holes through the wrap when you are done. As for the vents, I would just buy new ones. I use the screw type and I love them. If you search YouTube for videos on wrapping drums you will find some good ones. I think Drum Foundry has a really good one.
Good luck to you.
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