Ya,but. Even though the canvas is on, you can find the holes easily for the new band to go on. You need a roll of nylon fiber reinforced 1/2 or 3/4" packing tape. Now poke along the stem where you most likely expect the holes to be. I would use an awl well sharpened and the canvas will be softer where the hole exist underneath. Poke a stiff pin to the bottom of the hole and see the angle to correct for the hole center. Poke another hole to the bottom and see if you got the hole perpendicular to the stem face. Poke the awl through to open the hole and you have found the old hole set up.
Now run the tape down the stem face with a mark at the stem tip to register its placement on the new stem band. and with a mark alot push to mark at the hole site. Transfer the tape to the inner face of the stem band and punch the middle of the mark and drill. The bend over the deck can be done when you temporarily fit the ban. This use for no - stretch tape works elsewhere , eg. screw hole location/transfer on new keels and rub strips on guide boats etc. Have fun, and the above does not take long to do, and it is only needed every 50 years or so.
Dave