Doug! Thanks! Yes I actually DID something like that many years ago! You'll have an idea HOW many years, when I mention that it was a "Harmony" guitar (LOL). You may or may not remember that Harmony made some a very "budget" minded archtop style guitars, with F holes! I cut a "work hole in the back, put a cheap magnetic pickup in it with a small amplifier, and mounted an oval shaped car speaker over the lower "F-hole". The result was not bad, all things considered, and you're probably right in suggesting that the separate hole away from the strings helped. Its downfall was that back in those days, there were neither rechargeable lithium batteries nor high efficiency "class-D" amplifiers. I built ni-cads into the thing, but even at very moderate volume it would lose power and distort after just an hour. But I think you're on to something woth the second hole idea!