So two of us did it at the same time. We took my panels out, traced onto 1/8 hard board and cut it with a jig saw. You can see the old material, it's practically cardboard but with the green foam it's nearly the same thickness. The hardboard holds it's shape much better which is what I was looking for.
Both of us wished we had waited until the carpet kits (or vinyl floor in my case) and wheelwells were finished prior, so now I'm shaving the height on mine.
My friends 1970 - he didn't have panels when he bought his burb, so no metal strip to hold the top in. He bought this fabric online that came with foam backing and installed. I think it looks pretty good.
I haven't wrapped the old material over mine yet, but I like how tight it fits and how straight it is.