Made one of these a little while ago, works great. The YouTube video tutorials I've seen suggest a dremel for cutting the slot for the adjuster knob, but I'd recommend just using a razorblade. You can really fine-tune how tight or loose you want the slot to be, because each iris differs rather greatly in how easy or difficult it is to adjust. My first iris adjuster was extremely loose, and it seemed as though it could almost rotate itself open, so I had to keep the slot tight. My second iris is really stiff as it is, so the slot cut in the butler creek cap didn't have to be so tight and precise. I also found a dude on IG who 3D prints the entire assembly, and it threads directly into the threads on the NV Unit itself. I haven't bought one off him, as I had already made some I really like before he had any back in stock, but I've heard great things about it, "NodPods" or something IIRC
@Sogan I don't think it does, at least to any notable amount. It is, however, backed off the OBJ lens a little ways, so you will be losing some incoming light from the periphery, but just how much I have no idea. There is no decrease in FOV to my knowledge either.
Even if there is a slight decrease in overall light collection and a miniscule decrease in FOV, I still think it is a very worthwhile investment of 50$, considering its utility. The "old" drill a hole in the Butler Creek cap trick was neat, but this takes it to a whole new level for just a few dollars more. Especially for someone using a pistol, I've found I can actually make decent hits with irons using these. it still pales in comparison to an RMR, of course, but it makes pistol use actually somewhat viable. I couldn't really justify a few hundred dollars on a proper manufactured one, but <100$ for two of em is surely worth it.