Drilling a frame and or fork is a big bad idea. a frame and fork are all load bearing structures, and are designed with minimal extra, all parts are doing their work. putting holes all over the place will severely weaken your ride, and put you in danger!!! Like was mentioned, they did it back in the day, but on things like levers, shifters, sprockets, etc- parts that wouldnt put your life in danger if they failed
~Steve
there are better ways of getting that old school hot rod look.