if neither of them line up, I'd drill two new holes in the right place - if the emblem covers up the two old ones. If not, well, then, hmmm. I'd keep it a chev
(JUST kidding).
Bottom line - if it's not put in the original location, I believe it will be noticeable - or, at the very least, "something" just will look slightly "off". Guess it depends on how close the new hole would be to the old one. If you're talking 1/8", I'd say go for it, if you're talkin 1", I'd say drill new.