I would strongly recommend using an isolated interface like an opto-coupler (PC side could probably be powered from the RS-232 signal). If you directly connect it to your computer, the common jack will be grounded through your computer, like an oscilloscope. This could result in some serious sparks and damaged hardware if you connect the common lead to something else (eg. mains).
Also keep in mind that doing something like drilling holes in the case will void any IEC61010 certification, so I wouldn't even consider using modified meters for anything but <50V CAT I unless you consider yourself able to build to IEC61010 specs. The case is an important component in preventing the user from coming into contact with dangerous potentials and containing blown up components, at least in a properly designed DMM.
Apart from safety issues, it's obviously a neat hack.