I just want to make this a theoretical problem ...
We can assume that the pressure inside the cooker is approximately the saturation vapor pressure at that temperature.So basically a complicated almost exponential function of temperature.
Then we can use Bernoulli to calculate the outflow through the opening at that pressure. Because we know the temperature and the volumetric flow rate we can then calculate the thermal energy leaving the system per unit time. In other words the power.
And in a stable state the power that is beeing supplied equals the power flowing out.
I guess we could derive a formula from these considerations which would give you a relationship between the power flowing in, the opening, the Temperature (and the pressure).
So you could plug in the maximum amount of pressure and the maximum of heat flow into the system and you would get out a minimum necessary hole size.
EDIT: 1.You would lose a lot of heat constantly using the " simple-hole" design(steam escapes)
2.the hole would have to be quite small (haven't crunched the numbers yet/just guessing)(hard to build)
3. How would you know how much pressure the container could safely withstand ?(for using the equation)
4. You would have to let it stand very long after turning off the heat, for it to cool down to 100 degrees celsius, so it isn't superheated anymore and it cannot explode
To sum up: the "simple hole" is not really a good idea.
(though it might make an interesting physics problem)
You should go with an adjustable valve which "triggers" at a certain pressure by itself.
And either a secondary valve to release the pressure after use or just the valve from before with some modifications so it can be set to "stay open".