Guys,
If you had read the Old Thread link above, and the Old Thread link within that link, you'd found all these questions have already been asked and answered.
The existing hole is there to let water drain if the rifle is ever completely submerged. Doubtful I'd ever need the feature. If my M1A fell in a river, after crying, the first thing I'd do is a detail strip clean. I'd never consider shooting it full of water.
In my case, when installing the flange-nut, I actually drilled a new hole so the existing hole is still there for drainage in the unlikely event it's ever needed. I used a 2A nut (picture on the Old Thread link) but flipped the flange from the way it's shown. The 2 or 2R should work just as well.
I doubt just blocking the drain hole would cause accuracy problems. Though if part of the stock is touching or rubbing on the gas system it definitely could.
El Rojo, you problem sounds like classic bedding shift and is very common in semi auto rifles. The mag and it's interplay between the receiver and the stock is causing some kind of harmonic. After the first shot recoil forces cause the mag to "lock in" and the harmonic goes away. That's my guess.
My M1A throws the first shot too (same as my Ruger Ranch). I always attributed to the difference in the bedding & bolt lock-up caused by chambering the first rd by hand all the subsequent rds being chambered by the gas system. I never thought to leave the mag in and feed the rds one by one.
A proper bedding job would make the problem go away. My problem is I'm to cheap to have it done by a professionally that knows what they're doing, and to lazy (or maybe it's to smart) to try and do it myself. Bedding a bolt action rifle or a 10/22 is one thing. Bedding a M1A, Garand, or Mini, is part science, part experience, and part art. -- Kernel