I have used valves identical to that on 2 guns to date, I cant recall how large the hole is drilled, but it is definitly a lot smaller than the fat end of the valve, and you just pull it through with a pair of needle nosed pliers (you have to tug pretty hard at it). whatever you do, do not drill the hole the same size as the part that will sit in the hole and do not use any epoxy afterwards as it will just chip off and look bad.
I like them better than the metal variety because in the event of a failure, they resemble a bullet a little less, and there is no way that whole end is going through the hole.
edit:

It has been in there for 2 years and has had sucessful tests at upwards of 150 psi.