I find the layering of the fabric scary too, but I watched a video by Marti Michell in which she demonstrates how to line up and cut the fabric. I plan on using her method when I get my round TUIT to make my OBW quilt. Just copy and paste:
http://www.quilterstv.com/channel/video/0?video=1352
DO NOT pre-wash your fabric or it will be harder if not impossible to line up.
Hope this takes away some of your fear. Happy stitches,
Liz