would burn a hole in the tape-trading scene

[Vladv1]

Lars suggested the band simply take the tracks and distribute them as a ‘limited edition’ cassette tape entitled No Life ’til Leather (takenfrom the opening line of ‘Hit the Lights’, and inspired by Motörhead’s live album No Sleep ’til Hammersmith, which had been Number One in the UK charts the summer Lars was there). Along with its own makeshift sleeve with liner notes written by Lars, plus tracklisting and band logo, you wouldn’t be able to buy it in the stores, in the way you could buy Metal Massacre, but it would burn a hole in the tape-trading scene, Lars rightly reasoned, which is exactly what it did. In fact, the seven tracks on No Life ’til Leather – ‘The Mechanix’, ‘Phantom Lord’, ‘Jump in the Fire’ and‘Metal Militia’, all of which would be credited to Hetfield, Ulrich and Mustaine, but which Mustaine would later claim he had essentially writtenthe bulk of alone, plus ‘Motorbreath’, another arrangement left over from Hetfield’s days working with Hugh Tanner but which would now be credited solely to James, ‘Seek and Destroy’, by James and Lars, and in no small measure ‘inspired’ by Diamond Head’s ‘Dead Reckoning’ (a track released earlier that year), plus a new version of ‘Hit the Lights’, this time featuring both Mustaine and McGovney (although they cannily overdubbed onto it the original Lloyd Grant solo, too) – did everything for the band an official EP might have done, except garner eviews in the mainstream rock press.
Mick Wall "Enter night"
What does the expression in bold mean? Obviosuly it does not mean "to be in one's possession and causing one an intense urge to make use of it. Typically used in reference to money, suggesting that the person with the money feels the need to spend it quickly" here.

 

[Tarheel]

I think it's an allusion to "burn a hole in your pocket" meaning the person is eager to spend his money. In other words, they would be quite active at that. There would be a lot of interest in it