Done all the time, for decades, best to install/align the hood as you desire, install the hood pins in the proper holes located on the inner fenders, install them lower than needed, just enough to touch the underside of the hood as it's barely closed, put a daub of paint on top of the pin, close the hood, the daub will transfer to the underside of the hood, drill a starter hole using the daub as a guide to locate, remove the pins, close the hood, use the pins bezel on the outer skin to locate the main pin hole size and 4 screws holes need to secure said bezel, I like to use an electrical "knock out" known in the trade by the brandname GreenLee to "pop" the main pin hole required in the hood, no messy drilling, or torn/twisted/distorted sheetmetal by trying to drill a 3/4" diameter hole


Greenlee below, available at most electrical supply store, in case your not familar with it's use....nice clean punched holes, no distortion, factory looking to boot!

Mike