My recommendation, based on my experience, is that it's better to have too large a hole than too small a one -- and this applies in both the plane of the rail as well as the plane of the tie. This is because minor adjustments to the flow of trackwork can have domino effects on adjoining turnouts, especially in high turnout density areas. I used the drill + RotorZip [ tool ] approach to elongate the holes.
The visual problem of the too-large hole was solved by putting pieces of plastic channel to either side of the throw rod to simulate the protective guards for dragging equipment [ that might throw the turnout under the train ]. The channel also neatly solved the problem of keeping ballast, loose or glued, away from the throw bar and hole, so much so that I used it even where it was unnecessary to mask a hole.
Best regards, SZ