the holes should be 1/8". You can also cut slots but I don't know about that. I made mine with 1/8" aluminum sheet that I got from a friend. I've put stainless steel bolts through it to make it stand on the bottom of the mash tun.
It is a pita to drill those holes. Took me a few hours on the shop's press drill. If I was to do this again I would buy the 100$ stainless steel one and not bother drilling holes.
Cheers!