To cut out the rectangle I used an X-Acto razor saw. A very thin saw that fits one of those red X-acto handles, about 5 inchs by 3/4 wide with fine teeth. (google it, there are lot of pictures)
I purposely marked a rectangle a little oversized in the middle of the old plastic eyeglass lens with a fine point black magic marker. Using the side of my finger as a guide I just sawed each mark until I was left with only the center rectangle of the lens. Then using about 220 grit sand paper I carefully sanded each side, a little here a little there until I just got a press fit into the eyepiece frame.
Before I pressed it into the frame I sanded a 45 degree angle on one corner. I could use that to reach in with a small paper clip with a hook in it to pull the lens out occasionally to clean it. When I press it in I use a bit of tissue over it so I don't leave a fat finger print on the lens.
Before you start sawing up old prescription lenses hold them up to the eyepiece to see if you can focus with them. No use going to all that work just to find the lens is too strong or too weak to do the job.
This idea was something I read about on a photographic message board over 15 years ago. I didn't think it up myself.