So i recently bought a new pickup for my strat only to find it is too long to fit in the control cavity. Whats the easiest/most cost effective way to do this, right now my only thought is to buy a dremel but not sure if that's the cheapest solution. Could I use a drill? or something else entirely?

Thanks for reading
I would consider the cheapest/safest way to do it would be to take it to a luthier. But if you're adamant to do it yourself, I would recommend a dremel. The drill probably won't be as neat as you need and may not be accurate when it comes to being precisely vertical to the wood. The dremel may be messier if you mess up but it would give you the cleanest rout provided it was done well.

Well, best of luck. Hope you enjoy working on the guitar, it's always fun.
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You can probably find a cheap dremel if you look around. My first one was only $10! A cheap one wont last forever, but you get a lot better control, mostly because it fits in one hand. (You'll spend more in bits than you expect.)