Yes, that is how you do it, you just drill up to behind the ring
I happen to have 2 63's, one is older and doesn't have it and the other does, they both work fine
but a friend has a 53 which is a known troubleprone engine.
after we gas ported it the difference was dramatic, like night and day
we did it with a drill press, but I dont think it is necessary since the piston is aluminum and can be drilled slowly by hand
just make sure to cleanup the ring groove where the hole exits