Back to the original plan. I take it you want to use the oxygen cylinder for compressed air. I assume you only have capability to fill the tank with air from a regular 120-150PSI compressor, nothing more.
If that's the case, then the tank won't hold much air. You will have a heavy tank that won't last long. Not worth the effort.
If you plan on filling it to 20,000psi, as normal for an oxygen tank, then adding a hole is not going to work as the tank will explode from the pressure due to the hole you put in it.
Either way, it is not going to be very useful. Why not find a bigger tank that holds a decent amount of air like a 20 gallon tank from an old compressor?