Bin cages are an excellent choice of caging for dwarf hamsters- ours are in a bin cage (made using a bin from wilkinsons) and mesh from wickes. We cut a small ish hole in one of the shorter sides of the bin and placed some 6mm mesh which is suitable for even the tiniest little dwarves!!
But I don't think that just drilling holes would be sufficient for ventilation in my opinion, but then again if there are loads and loads of holes all around the bin I guess this would be okay...
Here's a link to a thread I started a few weeks ago when we made our bin cage, there's a couple of photos...
My new bin cage!!