I showed someone who knows more than I do (not hard to find) and he said, after I make the ellipse with Photoshop, I should right click...

Hey what do you know, a box pops up and you can drag the circle around, resize it, or drag the edges, to fit the chip.

But COSMI software is still inexpensive and if you shop the former Dollar Stores, which have started pricing things, you should still be able to find it for a buck.

The actual software from Cosmi costs $6.95 for those who want to go all out and pay list price.