1 1/2 in holes ringed in white plastic might be a little obtrusive!

but do some mockups first:
remove the rope, colour up some thin card to semiwood colour and play around w/ shapes. sprayglue on, stand back and judge, ripoff, try another.
-first is circular and with any luck prob the best,almond or diamond shaped, contrast or match, others are a delta dart right up to the bow or whole bow edge or a multitude of successively smaller circles etc etc.
(your yak is smooth, make the applique flush, don't put on blobs over the holes)

anyway you've got a whole boat and have the luxury a simple task and of taking your time and getting what you feel is best.