I would say that the recommendation is just something that has been carried over through the years. Piston technology has come a long way in the past 10 years, the holes have become less important. In the old days, some KTM pistons actually came with the drill bit in the piston box!
As for the size, as long as it is smaller than the exhaust bridge is wide, you are okay. 1/16" to 5/64" is a common range. The bigger the hole, the more accurately you have to drill it.
Good Luck!
Joe