That's what I used the last time and it worked pretty slick (by hand by the way--I really need to get a small press). I was using a softer wood and had to back the nuts with decent washers on the inside panel. I figured the mahogany was plenty hard in your case.

MQ had a prototype where they used thin wood panels (1/4"), drilled jack holes a little oversized to sink them, then attached a piece of 1/8" teflon or poly sheet to the inside to mount the jacks too. The small bit of white that showed when looking from the outside looked pretty decnt against the med brown wood they were using. Here's a pic.