Oldie Moldy,
You are right.  Drilling a hole in your bumper for an I-bolt works great.  I have done it on 4 of my vehicles.  I haven't drilled holes in my current vehicle, a Honda Odyssey, because I have a trailer hitch in back and a tow hook in front, plus there is a lot of plastic on the bumper which gets in the way.  But I thought several times that I should drill a hole in the front bumper because it gives such a great tie down point.
Westwood