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This works great and has the cleanest look, but has the disadvantage of being relatively expensive, depending on how cheaply you can get the trim pieces you'll need.
Here is my solution:
Finished product. The corners from the ash tray show, but you could fill it with body-filler and texture it / paint it for cleaner look.
cupholdersplus.com has several different aluminum cup holder inserts with different colors / finishes to match your Z.
This rubber insert fits the inside of the cupholdersplus aluminum cup holder perfectly
The job is easier if you remove the center console from the vehicle. It makes the dremel part easier. Plus there are a few screws the hold the under ash-tray plastic part you can remove it in one piece by simply unscrewing.
This factory screw will be re-used to install the aluminum cup holder from cupholdersplus.com. The cup holder comes with a hole in the middle already.
Factory screw and cheap fender washer. Fit depth is perfect. Just need a dremel to clear away some of the plastic to make it fit.