Ride, Wrench, Swap, Race
Join Date: Jan 2010
Location: Northern California
Posts: 9,193
Bikes: Cheltenham-Pedersen racer, Boulder F/S Paris-Roubaix, Varsity racer, '52 Christophe, '62 Continental, '92 Merckx, '75 Limongi, '76 Presto, '72 Gitane SC, '71 Schwinn SS, etc.
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Small-diameter holes can have a higher "stress concentration factor" than larger-diameter holes.
I would be more wary drilling into butted frame tubing, all else being equal.
I ride a 1981 Bianchi Nuovo Racing with holes drilled into it's seat tube, and a 1976 Centurion Pro-Tour with holes drilled into it's downtube. Both are butted steel and none too heavy.