Wait! before you drill there is one small thing you need to check ( i know this because I just drilled out my peugy fork the other day). A newer road brake's short arm reach might not be enough to actually reach down to you rim. Double check to make sure your new brakes will be adjustable to get the pads all the way on the rim.
I drilled out the fork whole to put a sweet ultegra road brake on my peugot fixie, only to find out it would not work out--not the end of the world-- because the brake pads couldn't be adjusted down far enough to not rub the tire. What a bummer. Not irrevocable damage was done to the setup, though, I just slapped the old brake back on