With respect, the question you ask needs analysing
Innocenti added the M8 hole on the underside of the block as a means of stopping exhausts falling off in the early 60's. In my experience, any solid mounted exhaust (no means of allowing the exhaust to resonate, as is ideal
) needs all the help it can get.
You might get away with it, but, if it does fail, don't expect any sympathy from the manufacturer. You will have voided any warranty.
For the work entailed, draining the fuel & laying the bike down on some cushions/soft furnishings etc, drilling & tapping an M8 hole is relatively simple & achieves peace of mind - to an extent......
Personally, I would even tab washer/lock wire the head of any fastener in place & suspect many other seasoned Lambretta owners would do the same.....