noticed the rubber boot around the outside of the caliper has a hole in it

Hello,

Are you talking about the rubber boot that goes on the caliper slide bolts? or the rubber boot around the caliper piston?

If there is a hole on the piston boot, this hole will allow dirt and debris to get stuck between the piston and the caliper and will create trouble down the road.
So, the best course of action would be to replace the caliper.

If the hole is in the boot for the caliper bolts, you should be able to get a caliper hardware kit and the boot should be included in that kit along with the bolts.

https://www.2carpros.com/articles/brake-caliper-replacement

I have attached diagrams for your reference.

Please let me know if you have any questions.
Thank you.