I have a Diamo 50cc, which has the same body as your Lance Venice. I had also been wondering about that circle with 2 little holes. I figured it was a spot designated for a brand medallion.
These scooters come under so many names - I did extensive online research and found out more than 10 names it's being sold under. Depending on who is the importer from China, they are called Milano, Sicilly, Venice, Venicia, also Motofino, and Argo.. etc, and more. I have a folder with pictures of the same body scooter, with all those different names.
When I was to my scooter repair place, I saw a couple of Argo's. They had a decorative medallion in that spot above the gauges. It looked pretty.
Just like you, I've been thinking to place a small clock/watch there on velcro, but I haven't done it yet.
I think one might put a medallion with Elvis's face on it, or any of your favorite celebrity/hero.
Or your beloved pet picture.