Forgot where i read about this, but I just did a similar thing with some spare hose i had to transfer from my kettle to the fermenter.
I just took my thermapen and stabbed like 20-25 holes in the end of my 3/8ths tubing, it works really great.
It can be hard to see in the video, but you can definately hear it! The sound you hear in the video is all from the tubing sucking in air, not just background noise.
The key i found is to keep the holes closer to the kettle, the vacuum seems to be much stronger as it gets sucked out of the kettle which causes a lot of air to get in...the lower holes dont seem to contribute as much as the ones near the top...maybe its just in my head, but it sort of makes sense.
Even with a crapload of holes it doesnt leak with the ball valve fully opened...there is a microscopic amount of fluid that comes from the holes but just sits there and doesnt flow down the tube or anything...not that i care as even if it leaked it would still make it into my kettle.
Theres a huge stream of white from the air bubbles coming from all sides all the way down my 5' of tubing into my fermenter.