Ideally, I'd think you'd want the same cross-sectional area of spraybar holes as the supply line. So, if you are running a 1" ID return line, that has a cross-sectional area of .785 sq in. If you are using 1/8" holes, which have a cross sectional area of .012 sq in, you would need 65 or so to match cross-sectional areas. On a basic concept level, this works, but the other thing to take into consideration is that 65 .125" holes are going to have a lot more friction than a single 1" hole, so more or larger holes would be better if you don't want to restrict flow too much.
I've thought about this before, but after actually running the numbers....I think I need to drill some larger holes.