What I did was order an extra tow hook cover plate just to be on the safe side and have a replacement that I put back in place if I didn't like the way it work out. It only cost a bit over $4
After removing the cover plate and inserting the Grimmspeed tow hook bar I used green painters tape to cover the opening working around the bar.
I then used a small exacto blade to cut the tape from around the opening I had covered.

That left me with a template that I could use to mark the exact place to put the hole in the cover, which was a bit of and oval rather than a round opening.