I'm going to replace it with vinyl this weekend. How much with the holes vrs without the holes should I use?
Kind of depends on what kind of vents you have in your roof. Ridge vent, the little cap/turtle vents, eave vents, etc. You can look up what the intake requirements are for what kind and how many exhausts are in your roof, then look up the equivalent square inches of open intake each piece of ventilated soffit creates, then just make sure you use enough mixed with non-ventilated to average the correct # of square inches of intake per foot/whatever.
For a rough idea, my soffits average about 1/3 ventilated. 1 ventilated piece of soffit, then 2 non-ventilated, then 1 vented, etc. I seem to recall that's about the same ratio they used on my previous house as well.