Thinning the plastic is a must - then slightly tearing a hole in the thinned plastic should realistically replicate a bullet hole.
Remember, a machine gun isn't a sewing machine and it doesn't drill nice, neat round holes. You don't get a perfectly straight, evenly spaced series of holes when a machine is struck with small arms fire. Hollywood does much to make us blind to reality.........
Consider the relative movement and probable violent gyrations of both the target and the aggressor in 3 dimensions, throw in gravity, wind deflection, the tumbling action of the projectile, and vibration of the guns themselves, and you end up with a quite random "splash" of projectile impacts on the target.
Also, the bullets will tend to strike the target on a tangent - that is, on a very high angle (like the angle of skipping a stone on a pond). Not many strikes would be at 90 degrees to the path of travel, so this high angle of strike would mean that the bullet would tear an oval in the target, creating a hole much larger than the bullet diameter.
Think about the amount of battle damage you want to portray - would the battle damage be bad enough to make the plane fall out of the sky, cause a forced (but relatively controlled) landing, or will the aircraft make it back to base? Remember, a huge amount of damage would probably cause (in real life) a structural failure or an in-flight fire, resulting in something impossible to model (like a smoking hole in the ground).
My first attempt at battle damage (25 years ago) looked more like swiss cheese than a Japanese "Tony". Live and learn.
Just something to think about................
Cheers,
LeeTree