Jobs a good un
Firstly, you do not get a lot of Luminlay for your buck
I would also caution that its hard to cut without pinging it across the room, risking what little you get so take care. I cut it by scoring round with a Stanley then snapping with pliers.
Drilling out the side dots wasn't as bad as I expected. I drilled a central guide with a narrow gauge PCB bit in a pin vice, then worked up to a 3mm brad point to leave a flat-ish bottom hole.
I glued in the small cut sections (~4-5mm long) using epoxy with a black pigment to match the black outer on the material. Once set I trimmed them back with snips and a file, I would again caution anyone doing the same, using snips can cause them to chip, I wouldn't recommend trying to cut completely flush as you'd risk it chipping below the surface.
Once close to the surface I used a small chisel and a Stanley blade to cut/scrape flush
Once flush I sanded up to 2500 grit, then polished the whole neck back with T-Cut to blend out the work. Pretty chuffed with the results.
As an aside, I was surprised to find a small shim in the neck pocket when doing the work. Not sure if I am more surprised that a new and presumably CNC cut bass needed a shim, or that a budget company went to the effort of shimming it.