I wouldn't use the old piston! (it could break)
The hole or holes I'm talking about would be best placed about 10 ~ 15 MM below the lower ring (just under the bottom side of the piston dome).
The best pistons to do this on would be a new stock or Pro-X (I like them and I still say they are not over run stock pistons, they are built to a stronger more race like piston), but the strongest piston for doing this would be a Wiseco (you need to make sure that you have an extra .0005" clearance).
Drilling holes at the main transfer or boost transfer ports work great too, if there is room to do that.
All of this helps flush the under side of the piston and that will help cool it.
You need to remember that there is more to this, it all has to do with exhaust scavenging and shock waves that cause a negative pressure that pull the air/fuel mixture through the engine.
Hope this helps.