I'm not familiar with that pattern, but I'd suggest using Karen Kay Buckley's Perfect Circles. They are super fantastic & easy to use. She does have down to that size. You just pick a washer where the inside hole is the size you need. Trace on the inner & outer lines. Then, make your running stitch half the distance between them. Pop in the 1/4" washer & tug on the thread. Presto! Change-o! You're done. To help it stay while you're stitching it down, you can paint the edge with starch & press. Easy perfect circles in under 60 seconds every time! Then another 60-90 seconds to needle turn stitch your circle down and you're good to go.
I've done it with template plastic, but it gets a bit crinkly from the iron and I have the worst time trying to do needle turn without pressing first. The Perfect Circles are made out of some special heat resistant materials that can be ironed & used again over and over. You can also use cut up cereal boxes like they used to do back in the 30's.