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Those are significant enough that I'd want a framebuilder's opinion.
I'd also want the alignment checked.
The likelihood of you drilling a hole in that tube, that is correctly aligned to both the wheel and the frame, is nil.
While they're checking the frame over, the builder could give you a quote for replacing the bridge.
https://www.lfgss.com/conversations/300316/#comment13474293
I've been looking for a frame for the mrs for some time; I want something I can build up not just an off the rack. this has come up right size and right colour (she's specifically requested silver or chrome) and an okay price. As the listing states however it's got 3 dents as well as some rust around the bb. Are these things i should be concerned about? It’s steel and it’s not like she’s going to be ragging the thing around top speed. The other thing is I’d need a hole drilling for a back brake. The more I think about it the more it’s sounding not worth it. any advice?