You should be able to load the .45 Colt cylinder out of the gun and then put it, shoot it, and take it out to unload/reload, if you want to do it that way.
As for "bore a hole in the frame", I think you mean mill a trough on one side for the cartriges to fit into the cylinders like a regular Colt SAA. This is fairly easy, some guys have done it with files and cleaned up with a dremal, and they work fine. However you should be aware that if you make this mod to your gun, it can not be resold. It's legal to modify it, but federal regs will not allow you resell the gun after doing so. Basically, if you do it, you own it....forever.