Standard vinyl pickguard material is soft and very easy to cut. You can make a one-off pickguard completely with hand tools, and it doesn't take that long. You don't even need routers or rotary tools. Saw the material out to rough shape using a hand coping saw. Drill the screw holes and countersink them. Test fit it on the body to make sure the screw holes line up. Use files to bring the shape right to your lines. Saw out the pickup openings with the coping saw, and clean them up with files. Also use files to cut the bevel. Take your time and make it nice and even. When the shape all looks good, smooth out the edges with a scraper. Like the blade from a box knife, held up perpendicular. That's it. Don't sand pickguard material; it leaves it rough and dull.
I'm a pro, and I've been making pickguards for decades. But my setup is surprisingly simple. I first make up a template from 3/4" MDF, even for one-offs. I test fit it on the instrument to get the shape, cutouts and screw holes just right, in the template. The vinyl blank is sawn out on a bandsaw a little oversize. Screw holes are located and drilled from the template, then the vinyl blank is attached to the top of the template with pins through the screw holes. One small hand router with a straight bit cuts the perimeter and any openings. A second small router with an angle bit cuts the beveled edges. Both routers have bearings that are following the template. Touch up any spots with a small file, then scrape the edges by hand.
That's the most efficient way I know of to make pickguards. But I've also made plenty of them with hand tools, too. Hand shaped without a template. It's not hard.
Here's a simple tool that you can build for making pickguards: a filing table:
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It's a rectangle of plywood with a couple of holes in it.
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A maple block is screwed on the underside which clamps in my bench vise. It becomes an extension table surface with the holes.
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The idea is to lay the pickguard down flat on the surface, and file down vertically through the holes. This supports the material and allows you to easily see the lines that you are filing to.
In this case, I'm adding a P-pickup opening to an existing pickguard. It was a one-off mod, and I didn't want to take the time to make up a template. I laid down some masking tape, drew the outline of the opening on the tape, and drilled some holes to rough it out. Then went to work with the files. A big round file connects the holes and takes out the center.......
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A big square file to get the sides straight......
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Check fitted the pickups, cleaned it up with some finer files, and scraped the inside edges. It took about 15 minutes.