You need to be comfortable removing all the hardware from the camera. You can cut around the hardware but it won't be as good as taking it off. The leatherette will be stuck on fairly well and will come off in tiny pieces. The joinery underneath may have opened up a bit due to shrinkage, so you may lose the light-tightness of the camera by removing the leatherette.
Remember, 2x3 film holders, graflex and graphic, both have the same film plane, but, 4x5 and 5x7 are different film planes from graflex and graphic film holders, about .80mm. So while cutting a groove will allow to fit the film holder on a graflex backed camera, your focus will be off. If your shooting f16 all day, you might not notice it due to depth of field
Remember, 2x3 film holders, graflex and graphic, both have the same film plane, but, 4x5 and 5x7 are different film planes from graflex and graphic film holders, about .80mm. So while cutting a groove will allow to fit the film holder on a graflex backed camera, your focus will be off. If your shooting f16 all day, you might not notice it due to depth of field
the correct 2x3 GraFLEX film holders with the slots down the long sides are often found on the auction site. The older multi shot film magazines (bag mag) with the leather are also often found there. A roll film holder made for the SLR cameras are actually harder to find, although you can if you look carefully and often