I believe you can get a replacement handle without the cutout. Or, you can check the link below. It's what they call their Triple Action handle that preserves the preset feature but has no cutuot and incorporates a quick release for the needle. If you look under Products on the site you can buy this kit with either a single, silver handle or with an assortment of 5 different anodized colors.
http://www.iwata-medea.com/resources/triple_action.jsp
If you don't mind me asking, how do you like the preset feature? I don't know which model you have but does your's have the MAC valve to fine tune air pressure? If it does, how do you like that?
Tony