Find the grain line of the nose cone. Mark your cut line aligning it with the grain. It will make the cut much easier. Use a razor blade or hobby knife to make several passes in the wood to split it in two. Mark the areas to be hollowed out and use the tool of your choice: carving blade, gouging blade, chiseling blade, whatever. A regular hobby knife can be used by making long parallel cuts in the wood then "chipping out" the material. Then glue back together.
I did it to a much smaller Astron Streak nose cone when I was 13 yrs. old. If I can do it anyone can.
Good luck.

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I like the unusual, the off beat, the avant-garde. No 3/4 FNC for me!