Originally Posted by DYNAZOR

Plug the hole, not with putty or filler of some type but with an actual hole plug. A new bumper that will probably be painted locally might not match the existing paint perfectly and then you will really have something that will bother you to no end, not to mention the diminished value a poorly matched paint job will result in.
You can always paint the hole plug to match the the bumper so it won't be so "eye-catching". And it won't matter if the hole plug paint isn't a prefect match.