If you were to make a repair on a hole that wasn't covered by the fairing block, then you definitely need to bevel around the hole, but the bevel/diameter is based on the thickness of the laminate in that area. If your hull for example is 3/4 inch thick, you need to bevel a diameter at a 12:1 ratio or better....that means a 9 inch gradual more shallow bevel....this will allow the layers of glass to remain as flat and perpendicular to the load, just like the factory layup, with plenty of surface area for the epoxy to bond. If its 1 inch thick, you need to go 12 inches around....if its 1/2 inch thick, then only 6 inches around...etc.
You add each layer one at a time, starting with the largest patch first and working you way out getting smaller, so when you finish grind/sand you don't cut through multiple layers underneath. Then just fair and do your new block. Squeeze out the bubbles as you go along and because you're upside down, a little thickener will help hold it in place. You can cover it in plastic and brace it into place until cured if needed...the plastic will remove easily later.
You don't need to bevel the inside like the outside, but as Bob mentioned a flat layer from the inside should be done to cover the hole initially and give something to the outside patches/layers to bond to at the point of the hole..do this first.....just need to prep an area from the inside close to the same size (diameter wise) as the outside (if you can) and lay a couple layers of glass tape or the one layer 0f 1708 will do it.
This is a typical repair technique for a hole or hull damage....as mentioned before, with the fairing block covering the old hole, its not AS critical....but if you want the ultimate satisfaction, this will be virtually shotgun proof.