Thank you, everyone! Yes, the holes were an attempt to shed a few pounds, but that's all it really would be, at most. It's also an aesthetic thing I thought would be fun to do since the underside of the hood will be seen. And yes, it took most of my weekend, as well as a few drill bits and a hole saw.
This weekend I made a little more progress- I was able to finish up trimming my cowl panel by lowering the middle section. It sits pretty well now, and I also installed my bottom most panel (not exactly sure of the name) I didn't like how the factory had it attach on the outside of the lower valence, so I re-engineered it to install on the inside. I also filled in the original bolt holes & redrilled them to fit, as well as widened the panel to fill in the triangular shaped gaps that were there. Then I added a flange to fit along the inner edge and finally welded some nuts on the panel for ease of installation.
I also had a little time this afternoon so I started to install more of the front end. I also got out my "stash" of front bumpers and decided that I'd try combining the two damaged ones I have to make the one I want, as opposed to cutting up a good usable one. I can always use one of them if I fail in my attempt to combine the two. 2 of them are original 400 bumpers, the other two aren't, but they are original non 400 bumpers. The one has been rechromed and has been drilled out to hold a 400 bumper. The shame is without removing the arrowhead emblem one would never know. Original 400 bumpers have two stamped holes in them for the arrowhead emblem.
I started to assemble the bumper and parts- and will need to modify the holes to make them fit further back so I can get a flush fit.