You do not have to drill a hole in the blade itself. Just in the blade holder. After you do that, and tap the hole the screw will bottom out against the blade, putting pressure on it to keep it in the holder. Probably the best place to drill and tap for this screw is right about here:
That's actually a style 5 blade holder, but it works out the same. I used a stainless steel 1/4-20 1/4" long setscrew in that one to help maintain the look of the blade holder. I personally think that a thumbscrew looks out of place on these two holders.
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