That "hole" under the tank is not a vent - it is to direct the overflow if the tank is overfilled.. Many people remove the hose that was there initially as it is another nusiance to deal with when removing the fuel tank, but if you ever overfill your tank or fuel sloshes up there in the indentation around the cap you'll be squirting gasoline down on the engine and into the starter cover area - not generally advisable. IF you don't put a hose back on that "hole under the tank", be careful about filling your tank and stop at the bottom of the "neck" in the fill hole. Otherwise, get some clear fuel line hose and stick it onto that short pipe under the front of the tank and run the hose back toward the battery box and then down the frame tube so any excess gasoline is spilt behind the hot and electrical bits (and preferably to the side of the rear tire).
The venting of the fuel tank actually happens through the filler cap.
Sometimes they do plug up as they rely on small holes at the base for the cap for air/fuel vapors to go up in the cap and escape either through the key slot or an area under the top plastic cap part.