Looking good.
First the caveat: the following responses are based on somewhat limited prior knowledge, but not on first hand experience.
Regarding "1. Using it as a vent hole, which will allow air inside the avionics bay so the altimeter can calculate the altitude", actually, it's letting air
out of the avionics bay, but I guess you really know that.
What is your goal for the altimeter? If you're only interested in knowing the peak altitude then I'd bet "credits to navy beans" that one hole is fine and you've got plenty of area. Search this forum and/or the rest of the web* for a vent hole calculator, do what it says, and I'll be really surprised of you don't have enough area there. If you're looking for accurate data while it's on the way up then for reasons like uneven airflow and other aerodynamic acoustic weirdness that I don't understand, another hole or two is probably a good idea.
Why the difference? Well, when you are at or near apogee you're going slowly. The outside air pressure is changing slowly and any aerodynamic weirdness, pressure oscillation, etc. is minimal. A hole like you've got can easily keep up, i.e. let air out fast and smoothly enough. But when you're zipping along at high speed the air needs to get out of the ebay faster and the weirdness is much more likely to be a significant factor.
* When you ask Google for help on this sort of thing, you've got at least a 50:50 chance of ending up right back here anyway.