A drilling of 32 holes should not be a problem. That's very common in front wheels.
I have a Sanyo/Panasonic that I bought in a $99 shipped 700c wheel from E-bay about 5 years ago now. It still does its job. This one is rated at a full 3.0 watts, which you need if you want to run front and rear lights.
About 4 years ago, after I moved to Europe, I bought a ~$60 700c wheel with a 2.4 watt Shimano hub, which should only be used with a headlight. It has been fine, too. Every 2 years I change the batteries in my taillight. Even here in dark Sweden I'm not riding much after dark these days since I now have a one-hour train commute to work.