Something tells me you want the nerdy approach...
But first just to be in the spirit of the thread, lets take the hap-hazard approach. Pick a drill bit at random. One that you like. Or one that just stands out from the rest. Just make sure it is sharp.
On the side, it should have the size (diameter). You'll need that later.
So lets jump over to the flow for a minute (800-1000 gph). Using the relationship that a one inch pipe will flow 600 gph, calculate the size that you will need to handle your max flow. Keep in mind that the area of a circle is that 'pie are square' thing. (A= pi x r^2)
Next, using the drill size, calculate it's cross sectional area. Now divide the cross sectional area of the pipe size needed for your flow by the cross sectional area of your drill bit.
That is how many holes you will need to drill using your bit.