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I think that this is Georged's territory, but by my layman's estimation, if it were drilled like that, Jay. The draft would come out in a useless place inside the chamber.
Also take into consideration how big the draught hole is, a simple straight line (as drawn here) is not proportionately correct. That would leave a mighty thin spot in the top of the shank, not to mention where the 2 meet on the bottom. Another problem would be the depth of the mortise.