Oh, there's a sphere driller amongst us! I was once tempted to try this but I didn't have a small enough drill bit. Trouble is, how do you prevent all the swarf from drilling finding its way around the LHM? Also how do you know just how much larger to make the hole?
As far as the operation of the damper is concerned: you're right, it's a combination of the 2 way leaf valve (disks) and the bleed hole in the middle.
I'm not sure that the hole does anything on its own - it works with the damper valves, a lot of us DIYers seem to think that the central hole IS the damper, but if the LHM had to squeeze through that alone with a necessary flow rate that's high enough in both directions for the kind of speeds that a wheel moves up and down would be like having no suspension movement at all! You could probably push the car down by hand by about an inch over like 30 seconds - it would be mega slow . I also think the hole allows the pressure on either side of the damper to equalise quickly. It may also serve to dissipate the heat build up from the friction of the LHM pushing the disks frequently.
With an old BX, I bent up the disks by < 0.5mm to give extra unrestricted flow. Even this was too much and I ended up with a ridiculous ride. The even cruder method of returning some restriction was to bash a brad nail into the bleed hole to eliminate it which worked for a while but soon dislodged and went missing in the hydraulic citcuit

(hey, I was only 19 at the time) it did turn up eventually as the cause of a failed front strut...
But funnily enough, in later years I discovered that the old style DS type spheres had no bleed hole in the centre but that the inner damping disks were slightly 'unseated' by a little step so as to leave a gap around the edge for the same purpose.
You might have noticed sometimes there are different amounts of disks. That says to me that the different damping hole choices are paired with different specs of disk stiffness. And it can differ between the inner damping disks and the outer (rebound) damping disks.
Of course different sphere pressures paired with these various formats of dampers add a whole new factor in performance. Then there's the consideration of how thick the hydraulic strut is (a larger cross sectional area will have stiffer damping and a sharper rate of change of the spring over a given stroke for the same sphere)
I think it's reasonable to modify the pressure of a sphere to change the spring rate but to leave the damper as it is because the damper is more likely chosen for the weight, performance and anti roll bars of the car they're fitted to. I only say this because I increased the gas pressure on my GSA while the dampers were unaltered. The suspension was amazing after that! (the G has spheres with the same dampers as the BX14/16)
I also tried the Xantia fronts on the CX just to see what would happen. I'd say the stiffer damping was completely acceptable on the CX but the gas pressure, 55Bar, was too low for the weight, The CX is specced with 75bar and it really seems to need it, it had limited travel and the spring rate felt rubbery. The CX spheres in the Xantia however! that was interesting- probably the best suspension I've experienced!
So the sphere, when the cars weight is on it and the car is stationary, has about 50/50 LHM to gas ratio, it means that the initial pressure if the gas is about double. And when this is the case, the LHM pressure and the gas pressure are the same. So a car with a higher set sphere pressure will have a larger volume of gas left after the LHM raising the car has compressed it - giving a soft ride. Likewise a lower pressure sphere will take more reduction in volume to reach a higher pressure equal to the LHM, it needs to be more squashed, hence there's less of it to squash further as a spring, giving a stiffer spring.
AFAIK the damping operates totally independently of this pressure relationship and indeed the damper is only involved with LHM pressure (which is constant over all the damper's surfaces in static conditions) and fluid flow. It's what fluid engineers call a 'Control Volume' it means you can take the damper on its own and consider the input from one side or the other as being 'given' and then any information you get relating to the damper's performance can be taken as relating to it alone. Where it would have to be considered in great depth is where you've got a very stiff sphere or very soft one where the undamped frequency going through the control volume is very high or very low.
It's funny, because using a gas as a spring actually has a mild damping effect on its own, not enough to use but enough to be used with the damper. The higher the gas pressure the greater this damping effect. It's quite likely that this has been brought into the equation for designing the dampers.
The actual physics of the flow frictional forces that the damper deals with are pretty complex and I think you need to take the flow rate multiplied by the cross sectional area of the holes through the damper valve in one direction and take away the force required to lift the disks by a certain amount for this given flow rate, (who knows how much though)the value for the unrestricted bleed hole would be a constant. This also assumes the flow of fluid is not turbulent.
Short answer? I don't totally know! but we all get the feeling of what goes: higher pressure than 'standard' for any given car gives a softer ride, higher volume of sphere gives shallower rate of change of spring, small damper hole (e.g 1mm or less) gives stiffer damping and certainly feels like stiffer springing but it would be the same spring, just overdamping.