Well the hole should be the simplest to deal with.  After you have all of it's points set the way you want them, just ctrl-a to select all and then use the combine as compound  to cut it out of the fire.  If you don't like the way it imported, use the remove point tool to remove it one point at a time and rebuild it manually before you combine it.

Quote - To get things started I used the Photoshop Magic Wand to select this Angelfire logo; then I created a path, and exported the path as an Logo.AI.  Then, in Carrara, I Insert > Spline Object and clicked File > Import > Logo.AI.

My first concern is that the hole in the middle of the logo is actually going to need to be treated as an other, Boolean like, object?  If so, how can I keep applying the changes I make, from the first object, to the second object?