Hey @Cryptonaph,
That should be possible, if slightly complex. To create decals in PlayCanvas I’d recommend you to create a quad (A plane mesh), then lay over the desired texture on the quad. There is a full example of precisely what you want being done, though with stars instead of bullet holes.
If you’re interested in doing this, I’d probably recommend you first start by reading up on Mesh Generation and how it works in PlayCanvas. Then I’d go back to the example on Mesh Decals and try to rebuild it.
Let me know if you need further guidance!
EDIT: It has also been brought to my attention that this public decal script exists.