Strip down and repainting of frame.

Hi all i'm doing a strip down ATM and was wondering about holes on the frame and whether I can fill them in with some auto 2 part filler then rub down? Ibe built bikes before but have always had them armourtexed. I want to try and build a great looking bike as cheaply as possible. I paid £25 for a Raleigh Winner frame mid 80s, if i get it powder coated that will cost about £80, so before ive even bought one part it would already cost over £100. I want to see if its possible to match a professional finish with some elbow grease and spray cans. I have a good understanding of painting as i used to be a painter and have used spray guns before too. I want to get rid of any unnecessary holes on the frame before i prime it, Do these holes need to be kept and do they serve a purpose, that is to drain moisture from inside tubes, I have a small hole near one of the lugs. As shown in pix. To follow..

http://flic.kr/p/iDVtbn

http://www.flickr.com/x/t/0092009/photos/112642584@N05/11587231693/

http://www.flickr.com/x/t/0093009/photos/112642584@N05/11588779425/

Holes in the chain stays are for drainage, don't fill them. If you do you will promote internal rust, also car filler will expand on the rear unpainted side as it absorbs the water no longer able to drain out of the tubes.

will you please do a cool paint job, something like the klein frames ? in two shades

I am currently choosing what paint to use I think I'm going to go with a two tone pale yellow and white job, not sure whether to fade or mask I like the masked look better I think. Probably going to do forks and stem one colour possibly white and frame mainly yellow with white details. I have also found a cool topcoat from rustoleum which is clear but reflects light at night... Never seen this used before so I will test it out on and old bit of metal first....

Thanks for replies re holes I guess I won't be filling the holes then....

http://www.rustoleumspraypaint.com/product/light-reflecting-paint/

i think the fading is easier to achieve and to me looks really cool. http://i110.photobucket.com/albums/n83/HerrFlorian/Atti/att1-1.jpg
http://kleinpics.tripod.com/sitebuildercontent/sitebuilderpictures/adeptmoonrise3.jpg

It does look cool just not sure if its too ambitious for this build. Think I'm going to keep it looking as much as what it would have looked like when it was new just slightly different colour scheme. I am looking into getting one of the old wheeled pinstriping tools for applying line details....

Going to finish stripping and prepping this week when I get a chance and then get it primed up its so difficult choosing a colour scheme

^^ tripod??? haha, I thought they were extinct.