Most, if not all, of the end pin jack installations I've seen have had a piece of wood behind it to support the jack. I've attached a picture of an old Balladeer for reference. If it were me, I'd glue the block in first and then drill the hole using a sharp bit. That way the wood would slow the bit's entry and help prevent it from biting into the composite and tearing rather than cutting the material. Perhaps Woody will chime in with his thoughts.