The only problem I forsee with perforated cuben is loss of integrity of the film. Polyester film has zero resistance to tearing once it is nicked or punctured, and the fiber layer in a sheet of cuben won't stay together on its own. You can peel apart a piece of cuben to test this. Without the film the reinforcement layer falls apart.
To me it seems strange that we haven't seen a mill produce lightweight woven dyneema textiles.