If they're just the old grommets you care nothing about, just grab some pliers and gently pull them out. FYI, the prestige grommets install was a pain for me..needed a little "stretching."
As for my racquet, yes, the weight is under the bumpers. I over-weighted it the first time, but it got really beefy, like 15 oz or so. haha! i just did the project for fun. I felt the i.rad wasnt giving me enough control, so i stepped up to the i.prestige. goodluck!