Just so you know, the structure in an instrument with F holes (which is usually an archtop) - the bracing, etc, is very different than what you find in something like a Martin with a round hole. It's not just hole shape that you need to consider - you're trying to make a box that reinforces things acoustically (which means it moves a lot), yet not have it cave in from the pressure of the strings on the top. Where you put holes and where you put braces (the two interact with each other) are important. On violins, under one side of the bridge there is the bass bar (a brace), and under the other side there is a sound post - a rod that ties the front of the instrument to the back - in that respect, a violin is very unlike a flat top guitar.
One of the designs I like is the folks that put sound holes on the top side of an instrument - the sides of a guitar are not under heavy stresses like the top is, so putting the hole there works with the stress issues.