Yes you probably could open the hole size up, unless they have hardend the part, and it would be rather easy to do. Specialy being the worst case have a machinest do it. And it is helpful since I am a machinest and I own a machine shop.
From reveiws that I have read, most of the Compensators that only have the Vertical slots ( Like the Stag Arms) and ones that are made with the big holes or cut outs only on the sides dont work as well as one made with ports on the top. Thats from reviews I have read, not from actual experience. I have a one rifle that has a factory Compensator and it has holes completly around the barrel and it works great. It is on a 7STW and the recoil is tamed down to about what a 243 would be but is extremely loud. I have a 44 Mag pistol that is Magna Ported and the way it is made , there are 4 very small slots cut on the top of the barrel, none on the sides. The 44 Mag is comparable to a 357, so it helps some. Looking at the target that I posted, that 5 shot group was made at 100 yards with me pulling the trigger as fast as I could holding the crosshair on the center. The muzzle didnt rise any and recoil from the 7.62x39 was next to nothing.