Look at pictures from the big money race and Nationals, they obviously don't check that too closely, but I personally would go with smaller holes.
I ran 4" holes in the front, and the vibration (from the rough track-dirt) causes the fenders to crack easily. You're probably not going to put 10 4" holes in each fender, but 10 3" ones while maintaining fender strength on these ever thinning fenders may be a good idea.
Just my hillbilly dirt boy opinion