It depends on where the hole is at. If it is the dust cap there is no worry. There is a reason it is called a dust cap...to keep dust out of the voice coil. However if there is a hole in the basket you have weakened the basket and that can have many effects. You may get a cracking noise, you may get distortion. Basically try it out and see, if it's bad, too bad. If it fine all the better. Also I believe you connect that cap inline on the positive terminals for it to work.