Hi Tjames1991,
I've never heard of anyone refer to an air hose hole being referred to as a vacuum leak, the vacuum hose goes from the top of the carburettor housing (The opposite side to where it connects to the engine) to the engine block (Near the flywheel), and looks the same as the fuel hose. It's thin Black plastic.
What you will experience, however, is your carby and possibly engine getting full of gunk and junk, possibly causing wear to the internals of your engine if it gets in, due to contamination. The airbox has a filter in it, so that only clean, filtered air enters the carby and engine. If you have a hole in it, who knows what's getting in your carby/engine, or what damage it's doing.
I'd replace or at a minimum patch the hole ASAP.
Cheers,
pau13z
