As alternative you may consider Trim feature to create holes. This works in the UI, but unfortunately TrimFeatures collection does not provide Add() method :
(
You may add this wish to the Inventor IdeaStation:
http://forums.autodesk.com/t5/inventor-ideastation/idb-p/v1232
I may suggest the workaround that produces the “trim” in two steps – as a combination of the Split and Delete Face operations.


The start and the end faces belongs to the different surface bodies in your sheet metal model. That is why I had to create holes using two splits (see help on the SplitFaces method).
Please open the attached file (I added names to some of your features) and run the following vba code. It works in the sheet metal environment.
Private Sub TrimImitation()
Dim oDoc As PartDocument
Set oDoc = ThisApplication.ActiveDocument
Dim oDef As PartComponentDefinition
Set oDef = oDoc.ComponentDefinition
'work surface used as a tool
Dim oToolSrf As WorkSurface
Set oToolSrf = oDef.WorkSurfaces.Item("ToolSrf")
' extrude feature used to create the tool surface
Dim oExtrFeature As ExtrudeFeature
Set oExtrFeature = oToolSrf.SurfaceBodies.Item(1).CreatedByFeature
'extrude feature definition
Dim oExtrDef As ExtrudeDefinition
Set oExtrDef = oExtrFeature.Definition
'reference to the extrusion start face
'(assuming thet the planar sketch was created on the planar face)
Dim oSketch As PlanarSketch
Set oSketch = oExtrDef.profile.Parent
Dim oStartFace As Face
Set oStartFace = oSketch.PlanarEntity
'reference to the extrusion end face
'(assuming that ExtentType = kToExtent)
Dim oEndFace As Face
Set oEndFace = oExtrDef.Extent.ToFace.Item(1)
Dim oSplitFeatures As SplitFeatures
Set oSplitFeatures = oDef.Features.SplitFeatures
'add the 1st split feature
Dim oColl As FaceCollection
Set oColl = ThisApplication.TransientObjects.CreateFaceCollection
oColl.Add oStartFace
Dim oSplitFeature As SplitFeature
Set oSplitFeature = oSplitFeatures.SplitFaces(oToolSrf, False, oColl)
'delete created circular face - make the first hole
Dim oFace As Face
Set oFace = oSplitFeature.Faces.Item(2)
oColl.Clear
Call oColl.Add(oFace)
Dim oDeleteFace As DeleteFaceFeature
Set oDeleteFace = oDef.Features.DeleteFaceFeatures.Add(oColl)
'add the 2nd split feature
oColl.Clear
Call oColl.Add(oEndFace)
Set oSplitFeature = oSplitFeatures.SplitFaces(oToolSrf, False, oColl)
'delete created face - make the second hole
Set oFace = oSplitFeature.Faces.Item(2)
oColl.Clear
Call oColl.Add(oFace)
Set oDeleteFace = oDef.Features.DeleteFaceFeatures.Add(oColl)
Beep
End Sub
Hope you could modify this sample to suit your specific needs.
cheers
Vladimir Ananyev
Developer Technical Services
Autodesk Developer Network