That answer is a big fat $$$ yes.
My RV-6A is in the finishing throughs of full panel replacement at Pacific Coast Avionics.
Dynon single 10" HDX, two coms, audio, two axis auto pilot, heated AOA, full engine monitoring, ADSB in out ADHARS all new stuff, panel and more. You get the idea.
About sit down. $36,000.00 ouch ouch ouch.
But, maybe it will be back in the air after 6 weeks down time. Waiting for Dynon software bug updates.
Art
Rather than totally removing and replacing the old panel by taking out all the rivets, another way may be to leave the skirt of the old panel in place; cut out large sections where the new equipment will go and mount it in panel subsections that will screw onto the skeleton of the old panel. Our club RV is done this way and it is fine. For my own new build I am mounting the panel with screws not rivets, so the whole thing will be removable.
The main problem I can see with what you asked about is being able to get the rivet holes in exactly the right spot with the new panel. You won't be able to easily lay one panel over the other as a template due to the bottom flange.
Hope that makes sense and good luck with what you decide to do.