I've been told by the Director of PGM  at the University of Nebraska to only grip the club tight enough to hold it.  That way the club can release through the ball, and won't hit it fat.  

I try to feel like my grip pressure is about a 5 out of 10 if ten is gripping it as tight as I can.  You want to have a good tension free grip that allows you to release the club properly but not so loose that it moves around in your hands. If your glove has a hole in it than that may mean that you are gripping it too tight but gloves do wear out over time. 

Just hold the club, it shouldn't take thinking about anything, it shouldn't take applying any pressure. You certainly don't want any tension in your forearm. Your grip pressure will change naturally as needed when you swing.

When I wore a glove I would change it because of nastiness not because of a hole.

A pretty good visual/tip that has worked for me is to imagine you're holding a tube of toothpaste and only apply enough pressure to barely squeeze toothpaste to the top of the tube - not out of the tube. You don't want to grip too tight that would result in the toothpaste coming out of the tube.

Thanks TT for all the awesome tips, I'll try them out when I'm on the course or at the driving range.