I think of battery venting as two "sizes" of events:
a) Some normal breathing of cells that happens in a variety of chemistries
b) Fast venting, often with flames
For (a) I replaced the O rings in my lights with a special blue O ring material used by the military for fuel applications. It "seals" but is permeable to gases. I need to look it up, but you can buy it on - line. Just search for O rings using any engine and you will find it. The downside is that these O rings have almost no stretch at all and tear easily. I think they are about $ 1 each in flashlight sizes.
For (b) I thought about this quite hard, as at one time I considered to offer a custom light for sale and wanted to avoid problems. My solution was to design the O ring groove so that it would blow out (not well retained). Please note that this is an "incorrect" O ring design by normal standards and I just barely tighten it down - very little compression.
More or less, the side of the o ring is entirely visible on the light. It looks kind of cool being blue contrasted with the bare Al - but it's a personal taste thing.
The O ring life and installation is fine for me, but combined with the O ring in (a) it was questionable if people would accept it. I still break o rings on it if I am not careful. This and other things kept me from offering the light.
The descriptions of cells venting rapidly that I saw indicated that the top of the cell was more likely to vent than the back, possibly because that is where the vents usually are. If you agree with this logic, then the holes are only helpful if you put them near to where the cell top is located. A few layers of Al tape bonded together prior to applying it across the drilled hole can make for a reasonable pressure relief location. Some matching (or contrasting) color mylar tape can look nice and will rupture easily.
As far as hole size, I would think it has to be at least 1/2 the diameter of the cell to make a difference, otherwise it simply can't vent fast enough to matter.
Is this overkill ? - perhaps. In CA, we think a lot about liability.
If you do have one go off, get everyone out of the room because the fumes and residue are pretty bad. Clean up should be done with chemical gloves on.
At a personal level, with my entire family charging up batteries now, I decided to go back to NiMH cells, except for primary Li cell applications. Yes it does limit some choices, but reality is that not everyone in a family will accept multiple battery chemistry charging complexity.