I don't think it's a BAD idea. Nothing wrong with a little more access. My concern is what to plug it with. Come up with that solution and It's a decent idea. Like @Oldmanmopar said, you'd damn sure be able to see where a leak was comin from.
I don't see myself doing the modification since I don't have an issue reaching the bolts with an offset wrench, but I could see bending up a 90° piece of sheet metal that covers the hole and covers the front hole of the dust shield, utilizing the cover bolts.
