Well, venting direction is up to you, but typically, out to the sides at right angles is good. You can take a look at the most effective brakes used by competition shooters, such as the SJC Titan, Arredondo brake, JP brakes, Surefire, etc. They all vent most of the gas directly to the sides.
Some vent a portion of the gas upwards to counteract muzzle climb, but be careful with this. Too much, and you can push the muzzle down between shots, leading to vertical stringing. You might notice that the Arredondo brake also vents at the 1 o' clock to counteract the torquing often seen on AR15s shot from the right shoulder.
BTW, in answer to your original question, the Freddy Brake vents gases 10-degrees BACKWARDS, so that the gases counteract the recoil somewhat. It has these 10-degree-backwards-aimed-holes all around it except the bottom from about 7 o' clock to 5 o' clock (sort of like the slots on an A2 flash hider). But I find this less effective than the 90-degree venting found in brakes based on this classic design:
http://www.jprifles.com/1.4.3_tre.php
What size drill bit did you use? I tried this with a 1/16 and a 3/32" bit and I believe I removed the pin (because it's really hard to go further means I hit the other side of the hider) but I still can't unscrew the hider. I'm afraid to crank it, plus I don't have a barrel vise. I think I'll try some break-free to loosen the barrel...
Awaiting zombie invasion.