ive done a few, both front and back. i've used a dremel with a cutoff wheel and an angle grinder with a cutoff wheel. the angle grider is obviously faster, and the dremel more accurate.
i like the angle grinder better. i get close to the line with the cutoff wheel. then use a grinding wheel to get it into the proper shape. then clean it all up with a hand file.
i dont put a turned over edge on it. i've also never painted them. i leave the chrome, then carefully brush some clearcoat on the edge. i've been using them for a few years like this and havent had any rust.
you can see it somewhat in these pics