You can. Probably up nice and close would be best. Have you considered just removing the one head so that you don't have to worry about wrecking it by trying to cut a hole in it? Place the mic inside the shell up fairly close to where the beater hits the head. If you want to close off the shell a bit, hang a heavy blanket over the front of it.
having no hole in the kick drum is ok for some types of music but not all types. if youre doing metal and you dont have a hole you will get a lot of bleed and you wont be able to get as good of a "click" out of the kick drum as you may desire. also the low end wont be tight as it could be.(but some people may like this)
the best method for making a hole in the kick drum head is this:
go to the grocery store and buy or look in your kitchen cabinets for a large can of coffie grounds. not the small one but the really big one. grab a can opener and cut the top and bottom lids off of the can and put the coffie in something else. now take a pair of vise grips and clamp them to the can so they stick stright up(this will be your handle.) next, go to an electric stove and turn it on high and set the can on the burner till everything gets red hot. now grab the can (with an oven mit on)by the vise grip handle and push it right through your head(preferably off center),it will go through the head like a hot knife through butter. this makes a prefect circle and it seals it so it will not rip or tear. i have been doing this for 15 years and it works great.
I'd say it depends on how well your kick sounds without the front skin. Try a towel folded inside with the kick mic on it. And tune the back skin carefully.
BTW - What brand of coffee grounds makes for the best kick sound? ;-)
I took the front head off of mine. I had to jam toothpicks beside the the little screw sockets though so they wouldn't rattle. You have to make sure you have all of the little extraneous rattles, pings, buzzes, etc. stopped or the mics will capture it.