I would first fill the hole with RTV (but not push it into the hole, as this would let gasket maker into our oil line, possibly clogging something important).Then i would get a piece of radiator hose, split in half ( so its no longer a tube, but a flat square piece of rubber) and then place it around the existing hose, covering the hole. I would then hold it on tight with three hose clamps, one directly over the hole you sealed with rtv. Keep your rpm's low, watch the gauge and level, and replace that hose with a top quality replacement. NEVER consider ANY other option than replacing the line with an OEM line. And do the motor mount (which is great, becuase removing the mount makes installing the new line much much easier). Just dont cross thread your engine mount arm, the arm is aluminum and your bolt is steel.

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1981 300SD 512k OM603