Damn-it, I typed out a reply yesterday, and it's gone!!!!
Anyway, I guess I'll try again.
I start off with 3-6 layers. I stack several pieces of 1084, then several of 15N20, so that each "layer" is actually several pieces of the same steel.
I forge weld, then draw the billet out to a long taper. 3/16" to about 3/8" (around 1-1/4" wide)
This will make it roll easier.
Grind all the heavy scale off of both sides. It will form some new scale when you're heating it to roll it, but it will be much cleaner and less likely to have inclusions or cold-shuts this way.
Roll it up real tight, then cut the handle off and weld it onto the center of the roll.
I either weld up in squaring dies, or the "corner" where my anvil face and shelf meet, by rolling the billet into that corner while wrapp'a'tapping it with a 2.5 lb. hammer.
Once it's welded, you have to open it up. I'm not really following the hole drilling idea. If you're going to just drill holes, why go to the trouble of rolling a billet? I'd rather just do a pool and eye pattern with a straight laminate if going that route.... IMHO, you need to open it up so that the end grain shows. Most would go for an accordian cut, or a deep ladder. I prefer a 45 degree stacked loaf... more pattern, less waste.
Sounds like the last part is your only real "problem" Jim.
Here's a fighter I made for the ABS Reno show last year with a jelly roll