No holes required, even with a fairly tight rubber band, it's not a tight enough seal to prevent the release of excess carbon dioxide but it does keep out most of the oxygen (and fruit flies and bunny hair and anything else you may have floating around in the air). I double-layer it to be safe, and if you're concerned about sanitizing it, dip the part that's going over the mouth of the bottle into sanitizing solution, shake the excess off, and apply to the bottle. It's not precisely sterile when it comes off the roll, but it is clean enough for us to wrap food we're going to eat without washing it first, so I usually don't even bother with that, I just try to keep my unsanitized fingers off the centre where it might contact the must.
And you could mix everything including the yeast in your pot or bucket (except the orange and spices, although I'd probably squeeze the orange's juice in, makes it easier to poke it into a small opening if you're using PET pop or water bottles), put half the orange and spices and raisins (half a cinnamon stick and a clove) into each bottle and then pour the honey/water/yeast mixture in afterwards, make sure you leave at least 3-5 cm at the top or else things might get messy. If you have extra must, refrigerate it and use it to top up the bottles after two weeks or so when things have died down, just use water if there's no leftover must.
"The main ingredient needed is 'time' followed closely by 'patience'." - The Bishop 2013
"Good grief! If someone wanted to murder you, all they would have to do is ship you a 55 gallon barrel of honey and watch you document working yourself to death!" - Vance G