Update:
After spending much time finding a 1/8" drill bit, I started drilling out the rivets. Due to the fact that it was my first time, some rivets were drilled diagonally, thus enlarging the holes in the case, shouldn't be noticeable though.
De-riveted Case
Drill bit I used
Camera ran out of betteries, but it isn't all that exciting anyways.
Now to decide if I should cut the holes before/after I paint...