Mark,
Before the currently available solar films were available, an offset hole in the lid of newt was indeed used as part of a system for solar viewing.
The smaller hole served to reduce the amount of light entering the scope but more importantly, it was to reduce the amount of heat (IR radiation) entering the scope. This kep the heat below safe levels for either the eyepiece projection method or for the use of a herschel wedge.
In these days of excellent objective solar filters, I would recommend buying or making a full aperture filter from solar film

, or if you don't want to fork our the money for a full aperture filter, you could buy or make a solar filter to suit the aperture in your scope lid.
If you intend to try the eyepiece projection method (that is projecting an image of the sun onto a card or similar) use an old EP just in case

. The EP will probably get hot even with the reduced aperture, and if it melts anything in the EP, its ruined!
Never, never, never look through a scope at the sun without a proper objective filter!
Mike's advice is good - Ignore it.
Al.