God no...don't drill a thing. On a convertible, remove the back seat and then the screws that hold that ski holder thing (useless) that is normally covered by the middle arm rest. get yourself a good flashlight and something long and steady. When mine did this, i had to reach in with arms and tools to get to the latch, which then can be popped (provided you have 'unlocked" with key....by hitting the side of the latch upward.
It is tricky and hard to get at if you are any kind of sizeable person. I ended up using a golf iron to get the extension to the part once i got down and understood the mechanism. You catch that "connecting rod" and pop it. Look at the realoem diagram of the parts and note the connecting rod. If you can get your arms in and use channellocks or pliers then great....but if not, then use a long stick of wood or metal (hence the club) and pop it that way. Then use the tips above to replace the plastic nut connectors. Rarely is the lock smoked...it is almost always the failure of those plastic parts.
1995 325i Convertible