I drilled them last night and I think they turned out pretty good. Before doing any drilling, I first put down a layer of masking tape. 2 layers might be better. It makes hole marking easier, keeps you from scuffing the area with wandering drill bits, and keeps the bit from creeping. I drilled a pilot hole first, and then went to a 3/16th's. If the emblem still doesn't line up correctly you can oversize the hole all the way up to a 1/4 inch. any bigger than that and the hole will probably show outside of the emblem.
Mark has a good idea, to drill one hole first, and then line up the emblem. that's exactly what I did.
The only thing that went wrong is the hood emblem on the right sits a little higher than on the left. It's one of those things 99% of people will not notice, but I will every time I look at it!
I will take pictures and post them on FAQ, as soon as I can. Won't be until next week. But like I said, one is a little higher than the other.
It would be best if someone with an original 400 hood would share these dimensions.