The drill size that you will use depends on the pitch of your threads. You said your bolts are 1/4". Are they 1/4-20, 1/4-28, or 1/4-32? You would use a #7, #3, or a 7/32" inch drill depending on what type of bolts you have. Do a web search for "tap hole chart," and you should be able to find what you're looking for. You can also use the formula for 75% threads which is: Major Diameter - One Pitch Length = Tap Hole Size. Incidentally, if you are using bolts you would need through holes with nuts on the back sides. If you want to tap a hole they magically turn into screws.
Hope that helps.