Hey Jon, Yes I have the 1/4" version. It is working good. Do a search on google for Jasper 200 and it should pull up a lot of links to the plate I am talking about. It was made for cutting holes in speaker boxes.
As far as the O-ring goes, I bought it at McClendons, they have it on spools, and you just cut it to lenght and glue it in to your groove at the point where it meets. I am sure this wouldnt be a great idea for a pressure application external to the sump, but for a in sump skimmer it works fine. Also I know that large O-rings are available, but couldn't really tell you where to get them.