Thats what I did for my wasteboard. However you cannot do the recesses around the side for attachment to the framing this has to be done by hand.
For the clamping screws I just put the largest size drill bit into my collect on the spindle and manually jogged the head to the positions and set it to drill by jogging it down In my case I had to go back over again with a larger drill bit as my collect would not take a 6MM drill bit but that is just a simple run back over them again with the larger bit in a hand drill.
Works great and means all the holes are correctly aligned.
I did add 4 holes manually in each corner outside of the cuttable area though which of course cannot be done by the machine.
Also definitely do the drilling with a drill bit. A milling bit will take ages by comparison.
For reference I posted my workspace here X-Carve Workspace Showcase - #282 by GeoffEvans which shows the wasteboard