It's a little from column "A", a little from column "B"; I started looking for some compact 116BCD rings that were suitably inexpensive. Being unable to find any, I realized that I already owned a set of 110 BCD rings in exactly the sizes I wanted. Since they were nice enough to use and rough enough to risk on a foolish venture, the idea was born!

I considered whether or not to add the countersinking at the edge of the newly-enlarged holes. I don't feel like the large chainring would have enough meat left, but I might countersink the holes on the back of the small chainring (especially if they give me any clearance issues back there).

I haven't gotten a chance to mount them up and use them yet, but I'm looking forward to it. I think they will probably hold up just fine due to friction taking a portion of the load that would otherwise be borne by shear strength of the bolts and bolt-holes (bolt-ovals?). I'll try 'em out on the trainer well before spring comes!

If I had a nice drill press at my disposal, I think the Origin-8 110/130 "universal" chainring would be a great candidate for a slightly more sophisticated version of this procedure. They've got tons of extra aluminum in the region where one would be cutting and drilling.