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Looks like you got enough meat on there but be careful that you'll have sufficient clearance for the caliper on the headset. In the end i got round this by using a Sram caliper that has a sizeable spacer on the back and a less chunky body but it still rubs with some headsets.
And definitely use a bench drill.
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https://www.flickr.com/photos/124172836@N06/page4
there are the pics of the fs thread. apparently that frame sold 5years ago. im effin getting old!
the below picture shows the hole best. it is quite down low, to evade the tubes as is your predicament.
ild drill it a bit up though.
also, heed the good advice given by the rest of the hive mind
Just drill it. Make sure to drill straight though.