Yes, I would think so....If you are looking for good drainage, remember it's all about the mix too)

I would use a 1 inch paddle bit and make the hole in the middle larger. 1/4" holes can easily be clogged with a piece of perlite or bark. Paddle bits cut through plastic buckets better than normal wood bits.

I made a tub with probably 50 or 60 1/4" holes on the bottom and sides and it clogs easily to the point that there will be standing water in it days later. There is really no substitute for large drainage holes.

I like to go about an inch up the side and drill 4-6 holes around the bucket as well.

From experience if you line the bottom and sides with landscape fabric it will prevent the bottom and any side drain holes from clogging. I cut a piece of landscape fabric tall enough and wide enough to make a rectangular "bag" that will fit into the bucket or planter, staple the side and bottom, turn it inside out and put it in the container...instant grow bag in your container! Again, nil13 is right, a 1" hole in the center bottom will aid in effective drainage and be covered by the landscape cloth. Media mixture is extremely important, you want to retain a certain amount of moisture and NOT keep the plant's feet wet.