G'day Tony
Hobbo from Lynda's Landrovers told me the same as roverrescue said, the hole is there for cold climates where the radiator can freeze - the hole provides some water flow while the radiator is thawing out (I'm not sure how the radiator could freeze without breaking something, maybe the coolant takes care of that...
).
Our 300Tdi radiator was cleaned & the hole blocked around 10K ago & so far so good, including a hot summer with the a/c running pretty much non stop. 
I'm told that it's worth getting the radiator cleaned & inspected (that is, partly dismantled & properly looked at) every 80K.
Hope that helps
Paul
1971 IIA ute, 186 (Betsy)
they're not dents, they're character...
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