From what I have read, most grey tanks are made from polyethylene or ABS. Both can easily be welded, so if you have to drill a 1/4" hole it should be an easy fix with either a mechanical plug or buying a plastic welder. The Harbor Freight one that looks like a soldering iron with a big triangular tip is what I would use.
The process is to melt at the hole so new material will bond, then melt in some stainless mesh, then top cover with a bunch more material. If you weld well and get good penetration, it will be better than new because of the steel reinforcement you add.
Jose