If you're making a player's kit, then yes I'd plug it with wood and glue, and sand it flush to the shell.

Otherwise, it's my opinion that you'd eventually see the impression of the hole beneath the wrap if left unplugged. You could always remove the plug if you changed your mind later.

Ok, thanks for the info. I will either use the tom mount or plug it up

Plug it. I wrapped over the hole on of mine and you can definitely see an impression where the hole is.

I used fiberglass to plug a hole from a modular mount in a power tom I was converting into a floor tom. I put tape over the (1") hole on the outside of the shell then applied discs of fiberglass matte soaked in resin from the inside of the shell until it was flush. The tape on the outside acted as a "mold" to keep the contour of the shell. In the end it took minimal sanding to finish it off. Some tan paint and it's barely noticeable on the inside and the outside is invisible under the new wrap.

That sounds like a great way to plug a hole.

thanks for the good tips/info everyone! I think I am going to keep it original and keep the mount. But I will know next time that I need to plug the hole and how to do so.