What would having a hole in a solid body electric do? Would it hurt sound or performance? When I say hole I mean like the picture I've poorly drawn and attached...it's a type of design I've been pondering...not the drawing but the addition of a hole
On a solidbody, very little. There have been several designs like this over the years. Epiphone made one called the Pierced SG that had an X-shaped hole right where you've placed yours. Like any wood removal it might change the way it resonates a bit, but that's not a 'better or worse' thing, just different.
Just want to toss this out there, maybe fuel your inspiration a bit:
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Ibanez JEMs sometimes have monkey grips and they're highly sought after guitars. The hole's not in the same place but it's still a hole.
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Just want to toss this out there, maybe fuel your inspiration a bit:

That's awesome...thank you
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Did someone say cheese?
Things with strings:
Ibanez J.Custom, Prestiges, RG8, SR5 bass etc
LP's, Strat, Tele
ENGL Retro Tube 50
5150 III 50W
Orange Terror Bass
Holy Frijole's!!
PRS SE Santana - Santana III Bass/Treble
ESP LTD EC400vf - Gibson Zebra 496R/500T
AXL Badwater SRO - GFS OW Liverpool, SD Duckbucker, SD JB
Mitchell Acoustic MD100SCE
Peavey Vypyr 100