Absolutely no need to drill a hole in the BB. To apply framesaver (or Boeshield T9, or Amsoil HDMP, etc.) you should remove the bottom bracket, fork, seatpost... basically strip the frame down. JP Weigel's FrameSaver itself probably just the same stuff as Amsoil Heavy Duty Metal Protectant; the latter is cheaper and comes in a larger can. But Frame Saver comes with very helpful and useful instructions for treating bike frames. And it's still not very expensive - $15 is enough to treat 4 bikes.