That's what I used to do, but I much prefer just getting a Kreg plate shown in the video I embedded in my
post #13 on this thread that comes predrilled just for your specific router, no extra holes, and it uses their 'Twist-Loc Rings' which lock into a hole in the plate that will easily let you run everything up to 3-1/2" raised panel bits without needing a second plate.
Three lock rings come with the plate and are sold separately in sets of 5 for ~$15 that have different size holes including one that accepts a standard 1-3/16" router guide bushing, I LOVE that - use it all the time, and one blank to make the hole yourself. I haven't used any others but I believe other brands like Woodpeckers & JessEm makes router lock rings based on Kreg's design as well that are supposedly interchangeable.
BTW- I just looked at a newer Triton plate and it looks like it does have the extra hole predrilled for the height adjustment handle. That's a nice addition as mine didn't come with that.