No, The holes in the adapter and transfer case are only misaligned by about an eighth of an inch, so if it were drilled the hole wouldn't be tight anyway.

Also, the Novak adapter provides holes so that you can mount the transfer case in 4 different positions. Each hole has about 1/4" to 1/2" of aluminum between them. So I may be sacrificing just as much space by drilling an eighth of an inch out of it.