Could someone give the lowdown on cutting the fresnel lenses to fit panels smaller than 15"? (my panel will be 8"). Is there a special way to do it?

You just need to measure the size your fresnel lens needs to be for your screen, and cut an equal amount from the sides, top and bottom of your fresnel lens, so that the center of the fresnel is still centered with your lcd screen. You might also want to cut them so that they are still a tad bit larger than your monitor.

As far as cutting them, search the forums for cutting fresnels and I'm sure you will find plenty of examples to follow (I know TESCORP has demonstrated this in his plog before).