I could be wrong, but the correct description is "Weep Hole".... Don't ask me where I got it, but I've long since forgotten where.
And yup, all of you are right, mounting a QD stud there in the weep hole is straightforward. In the past I (gotta scratch my head here...) I've had success with a Harris (made) bipod adapter... # 2 or # 2A? I just cannot recall. I've JBWeld'ed that plate in place and the QD stud threaded into that plate.
Lemme go and have a look:
http://w w w.harrisbipods.com/
It's an HB2A or an HB2 or an HB2R depends on how you want to resin that plate into place. Also depends on how thick your stock is. I'm referring to the super strong and thin USGI glass stocks versus the McMillan "Fat Bastard" M1A stock or the Boyd's Lamstock. Both these last 2 stocks mentioned have fatter profiles/thicknesses so you might have to use a longer stud than the one provided with the HB2x kit you bought.
If one is not sure what to use , but you are handy with tools, I suggest buying BOTH the HB2A and HB2B and tinkering around. They are not that expensive. Besides now you can add a QD stud to your OTHER M14 because you took my advice and bought TWO

of them to prevent #### loss.
heh heh heh
Hope this helps the M14 addiction!
Cheers,
Barney