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I don't cut circles frequently enough to justify buying (or making) a circle cutter, even a cheap one. I draw my circle out with a compass, then cut the area free of the sheet (simple, straight cuts - there's slightly more waste this way, but it makes things easier). If the plastic is thin enough, which it almost always is, I'll cut the circle out with heavy-duty scissors. 1.5mm is likely too thick for standard household scissors meant for paper, but a good pair of shears will do the job with little effort, as would aviation/tinners snips. Depending on my tolerances, I'll either go right for the line and leave things be or cut slightly large, then file down to my line by hand.
I generally cut plasticard with a knife, using the "score and snap" method. It still works on curves, but the edge is never as clean as it is on a straight cut, where a few quick scrapes with the knife is enough to get things nice and square. The shears leave an edge nearly as rough as scoring and snapping, but are much faster and easier to control for comparable results.
For the sculpting and gap-filling portion, you'll need some sculpting tools. There are reasonably cheap commercial sets of various size available in stainless steel, as well as the more expensive silicone-tipped "clay shapers" favored by GS users for their non-stick heads and slight give (aids in smoothing). If budget or expediency is a concern, much can be done with simple DIY tools - cocktail sticks/toothpicks/skewers, carved popsicle/craft sticks, pins, hammered/filed nails, bits of wire, etc.
A knife, files (a few shapes will do - in a set of 12, I'll likely use three or so for 90% of my work. Also, I find good, single-cut steel leaves a better finish than diamond-grit), and pin vice/drill bits are all you really need to get started. Clippers can save you some time, but I think a razor or jeweler's saw is even more important, for those thicker cuts, especially in metal (too hard) and resin (too brittle), that a knife or clippers can't handle.
Beyond that, just get stuck in. As you go, you'll see where you start getting bogged down or hit walls, then improvise or search out tools for that task. Over time, you'll find yourself already equipped for more and more of the things you want to do.
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