When I got into cooking on drums (2005 or 2006) I should have purchased a stainless steel one, they were still expensive but way less than they are today. You made a good score.
Have you done a test cook or two or just thinking you want more intake? My drums are the same diameter as a 55 gallon, but they are about 5" taller (so maybe they are 65 gallon?) anyways I only have three intakes, and I believe they are 3/4", and a series of smaller exhaust holes in the lid. All take the conduit knock-outs. I'll measure them later this morning. Plenty of folks use ball valves, but my drums draft just fine. If you go the ball valve route, I would keep at least one knock-out so you can use a wiggle rod on the charcoal basket.
Originally I took some spare intake knock-outs (which have a flat face) and drilled holes in the center to fine tune the intake, then I switched to 1" square rubber magnets I can slide over the intake holes which give me even finer adjustments... now, if your drum is 304 stainless it won't be magnetic. I'd check it with a magnet just in case, some breeds of stainless are magnetic.
I have two grate heights, that seem in line with your drum, I'll check that dimension as well. I rarely cook with both grates, because at some point I was rotating them. Weber has a 26" grill grate, but the actual size of the grate is 25.4", I think these fit the 85 gallon drums. But you need to confirm this.