When installing trim and emblems, if the sheet metal doesn't have the original holes, do you think it is better to drill the holes or just use some kind of adhesive?
I don't know of any modern car company that drills today. All for the same reason. Rust.
However, if your emblem came designed to be mounted with holes, You can still do it.
Just make sure to coat the edges of the holes with some kind of sealer, and seal around the emblem so air and moisture can't get to the metal.
Of course, the best sealer is glue..........

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good stuff. 
we lived by that stuff thru the 80's at the bodyshop for all the heavy black door moldings... every damn vehicle had em in those days.. 
those emblems should have what i refer to as black dum-dum behind it... it's the same stuff they used to install windshields with back in the day prior to windshield urethane... it's like black playdo, comes in a roll with peelback film on one side... it's like an inch wide and 3/16th's thick... just can't thibnk of the brandname at the moment..
Actually, I think I found it: