The shocks absolutely need the normal amount of oil, this gives the damping action... without it the front forks are just on springs and will "pogo" mercilessly. The air pressure adds spring action and the system you had with a compressor and tubes to the forks allowed adjustment of the spring force to compensate for load, and was fairly popular when a large heavy Windjammer type fairing was used. There's no valving in the fork caps, they connect directly to the compressor tubes. You must plug these holes or install a valve like those on tire tubes - that will let you add a bit of pressure if you want. The stock forks are actually air-assisted since the air trapped under the caps will be compressed when the front end drops. If you don't plug the holes this normal airspring action is lost.