Can it be done?
Yes.
Should it be done?
Depends.
First of all, you should know that drilling a hole in a steel frame means you'll let water into the frame, causing rust on the inside. The rate at which this would be a problem depends on where you live. If you lived in Phoenix, you'd probably be fine forever. Maryland, I'm not so sure. Do you guys get some pretty salty roads during the winter? That could be a problem.
Next you'll need to think about where you want to put the holes. The bigger the holes, the more they'll weaken the frame (obviously) but what is less obvious is how the placement of the holes will affect the frame strength. The most stress on the top and down tubes will be on the top and bottom surfaces right where they meet the vertical tubes. You'll probably want to be putting your holes near the ends of the tubes, which is pretty close to where they meet the vertical tubes, and where the most strength is required. For that reason, you'll want to drill on the sides of the tubes, and not the top or bottom.
You can put rubber grommet, but that requires even bigger holes which weaken the frame even more. I'd do without the grommets. Just drill the holes as big as needed, and file as best you can to avoid sharp edges that cut the wires. Then use some silicone window sealing caulk to try and seal up the hole as best you can. Use it liberally. This will both help protect against water and keep the wires from moving around and getting all cut up on the sharp inside edge.
Or you can just use cable ties to hold the wires to the frame, forgoing drilling. That's what most of us do.