I agree with Steve:. I'd get a tile bit AND, especially, I'd test it on a sample piece that's glued to a scrap piece of wood. Stay away from Sabre Saws. Don't push too hard because you might 'bind' the Formica where it will separate from the underlayment. Again, I'd test this out.
My best to ya and hope this helps.
Jay J -Moderator
PS: If you get it done real soon, post back and tell us what you did and how you made out.