The pros and cons or drilling holes in bike frames have been discussed her many times. Personally I would not want to drill a hole in an aluminum frame. The stress factors involved and metallurgical characteristics of aluminum warn against the practice.
As for mounting engines, there too I would shy away from a drilled frame, even a steel one, for that purpose.
However, when we're discussing a steel framed bike you need only look at the holes that are drilled into them from the factory. On nearly every bike I've worked on I've observed holes drilled in critical areas such as chain stays near the drop outs, down and seat tubes, head tubes for rivets to hold a badge, etc. The reason for the holes varies. Some are for mounting such things as water bottles, air pumps, luggage carriers, and in some cases the holes are drilled to relieve internal expansive pressure during the welding process of closed frame members.
I've seen warnings against drilling a hole to secure the chain tensioner over and over and I have challenged the folks who warn against it to show me one photograph of a steel chain stay failure caused by this practice. To date no one has produced any evidence to prove the theory. In reality the area of the chain stay where a hole would need to be drilled is not a high stress region. Structurally, the seat stay is under much more stress during normal riding than the chain stay.
For esthetic purposes I prefer a welded one piece tensioner bracket that spans the seat and chain stay but I realize that welding and machining a slot might not be an alternative to many builders. In defense of the drilled chain stay my first motorized bicycle built in the summer of 07, which has accured a little over 1800 miles has the kit supplied tensioner bracket mounted with a 10/32 cap screw through the bracket and chain stay through a hole drilled through the frame. There is absolutely no evidence of fatigue or cracking at the point of that hole. That bike is now retired and hanging from the garage ceiling but not due to a frame failure. It just is an uncomfy bike to ride.
As for the potential of structural failure and injury from a broken frame; I have to realistically compare that threat to what could happen if the tensioner bracket rotated into the spokes at 30mph. I will say with conviction that there is more potential for that to happen than the frame letting go do to a 3/16" hole drilled through it.
We have to assume also that the bike will be used for normal riding on relatively smooth surfaces. A bike that will be subjected to abuse, jumping curbs, hitting potholes, railroad tracks, off-road at speeds that might be well above what the manufacturer intended, could fail structurally. Read the owners manual for any bike and you'll see warnings against abuse and over stressing. And those warnings do not consider it has been motorized but for pedal power only.
In conclusion I will stand behind my opinion that drilling to secure a chain tensioner bracket is a safe practice that many have found caused them no problems and did in no way compromise the bike frame.
Tom