It's been done before, but the issue you're gonna run into is the factory scoop isn't held on very well and already has a tendency to fly off even without making a hole into the engine bay for air flow. Your best bet is to get a Mach 1 setup or buy one of the aftermarket ram-air Mach 1 hood kits.
Sold - Black 2000 Mustang GT, gone but definitely not forgotten
- Silver 2007 Corvette
Current - DHG 2001 Bullitt