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chris I've had this problem with air getting trapped as well , and while I don't have a soldering iron .. I have tried to use a hole punch but it didn't reach where I wanted the hole.. and was considering a cut with a knife ... just a small oneSydney_Diver once bubbled...
How about taking it for a dive first and checking if you even need a hole in it.
If you find the hood is trapping air on ascent then one small hole in the in the top is all you need.
I find a Soldering Iron does the trick very well