Doug,
In my past I will tell you "yes". At least for awhile, but all naugahyde, animal or not will eventually shrink enough to leave a gap between the gauges and the covering! BUT, if you can just cut the holes a little small then tuck the material in and re-attach the gauges tight - that should work! This will allow you to re-cover without having to remove the sending units!
DV
PS.. Suggestion; pre fit the cover, remove the gauges you can, leave the "Mechanical gauges in place for now...Glue, attach the vinyl/naug. along the top of the dash. Once that is done and in place now just pull the cover down tight to where it is going to be and then just cut/make a small 'X' over the Mechanical gauges. With the proper care you should be then able to trim around the 'X' leaving it slightly smaller than the bezel. Now tuck this behind the Mechanical bezel. Cutting out the remaining gauges is a piece of cake!
To try and cut the "exact" holes 'loose' would be almost impossible by hand!