I've also done this of another car and had great results 
I think it might be a case of making a jig, put it in a 4jaw and go for it..... Just make sure you have a backup!!!
Enlarging the hole is, as you say, that simple.
But, you do have to make a new butterfly, that fits the hole and the spindle, that also opens and closes reliably.
That is not as simple, and does require good engineering skills.
Plus, just how much are you going to gain just from an enlarged throtle body, especially when you consider the power that an LS1 75mm throttle body can provide.
Ok... With the car (not an Omega) I did a few years ago, iirc, it went from 58 to 65mm??? Before braking into the water jacket....
The butterflies also need a jig with an angled face where a piece of brass plate will be bolted using the same size and pitch fixings as used on the OE butterfly.
Then you can turn down the brass plate to the required OD....
It is easy but does require appropriate engineering skills.
If you don't have the skills, this is a very simple job for an engineering workshop to carry out given the correct dimensions.
As far as what you get from it, I couldn't say for this engine as I've not done one... YET....
All I know is the on the one I did, I saw a small increase (subjectively) in power and low down torque but more-over, it was much more responsive and a little better on fuel....