Hey Luke,
I'd try to preform the mod without drilling any extra holes. I did this same mod to a couple of my combos by first locating the 2 wires going to the combos speakers and safely routing the (hopefully) extra slack in these to some location outside the back of the amp. (you may have to extend your wires)
I then simply cut the speaker wires and soldered in a male and female 1/4" speaker plug and jack, making sure to keep each wire connected the same way through the plugs.
So.. when you leave these plugged in, the combo works just like always, but when you'd unplug the male plug going to the speakers you'd suddenly have the female jack (going to the combos poweramp) available to plug in another cabs cable instead.
On mine, I instaled an extra length of wire to plug my combos speaker right into other amp heads, but this extra wire length would probably not be necessary for your situation. I built a home made mounting bracket to secure the female jack. I also made sure the wiring gong to the combos speakers was strongly secured to the combo so any tugging wouldnt unplug the speakers...)
BassmanPaul has a very good point about this amps corect speaker ohm load. I checked the Line-6 Web site and didnt find any specs on this combos speakers or the amps ohm rating. It probably is 4 ohm load like he said but after you cut the 2 speaker wires you could test the wire ends leading back to the speakers to see what ohm rating they are.
(click here for info on how to do that:
http://www.google.com/custom?domains...ORID%3A1&hl=en
Many 4x12 guitar cabs are 16 ohm. This would be completly safe for a solid-state amps power section like this but you wouldnt be getting full power, but I'm guessing this rig would still be plenty loud.
You should probably study up on the ohms fact sticky here for more info on this subject:
AMPS FAQ!! Info on OHMS, Allsize RIGS-OverUnderPowerCabs DIY TechTalk-Links
One more thing, just be aware this mod would probably void his waranty...