You don't have to drill a hole as there are several ways to get that wooden plug out in order to remove the powder if it is in fact still loaded. I have deactivated many CW shells by drilling the a hole on the bottom as I didn't want to mess up the brass fuse and the put them in electrolysis but they way rustier then yours. I would soak it in water for a few days in order to soften the wood and then use an exacto knife to slide between the ball and plug and try and work it loose. It will take some time and patience but it is removable. I would do a little at a time then re-soak it to all the water to get into the spots you ran the knife. Be sure you do all of this while it is under water and you will be fine.