I have a lot of experience working on Corvette bodies I may be give you some advice. Before you cut it plan your hood opening. Then support the opening by bonding (gluing) a sub frame of some sort - 3/4" aluminum angle is a good choice. You want to tie this sub frame into the cowl/firewall and the rad support to keep the fenders from shaking and cracking eventually. You may also need to add a rib inside the fenders to give them some strength but that depends on how thick the fenders are and how well they are tied in.
Cut the opening with a cut off wheel using a piece of tape as a guide - a pencil line just get covered in dust. When you have the hood cut out it is going to be pretty flimsy so that will also need a supporting frame around the edge and probably an X across the middle again depending on how thick. How you remove the hood (pins, hinges, latches etc.) is going to be another engineering job altogether.
I would buy repro steel fenders and hood before I spent the time and effort to do this because the body work to finish the edges and fit them is going to be a lot of work but it can be done!