I have a 88 IROC with a L-98 a friend of mine said I need to cut out the fake vents on the hood. To get some of the hot air out. Any ideas of how or if I should or not.

 

Lol, your friend is a moron...

Those "vents" are there for aesthetics, and should stay that way. They aren't vents, they are louvers. If you take them off, you will notice that there is not a hole under there, just part of the hood. What, were you going to cut them out with a dremel? Then what happens when it rains...think for a second here.

Unless you are having problems with overheating, you dont have an issue here, and if you were overheating, there are better ways to go about cooling down the engine.