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odd you ask.. a local shop here has two sporterized '03s, both with rear peep sights. (one had the "guts" of the peep pulled to make room for the scope, the other was iron sights only)
Anyhow.. I've no idea whether drilling was involved, but it looks like it was a common thing to do once upon a time. These folks had the rifles in question, and could take a closer look and tell you --
Shooting World: 11655 W. Executive Drive, Boise,
(208) 321-1288
hope this helps --
-K
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