I unfortunately have a front tag installed from the dealer on my 335. I really do hate it, but have decided to live with it. I installed bumper plugs on my last Volvo and got pulled over for no front tag around 8:30pm, I had a few drinks in me and was leaving a work function....scarred the crap out of me. Not worth getting pulled over for the front tag as it can lead to other problems.
Now if I didnt have the front tags installed already I highly doubt I would drill the bumper, but I dont think its worth it to buy a new bumper and have it painted.