Only one hole card seems like it gives away too much. It limits the possible hands one could have such that a lot of the subtlety of the game would be missing.
That said, there's an old game called Hurricane which is two cards only! It was sometimes played as draw, sometimes as stud. When played stud, your entire hand is one card down and one card up. It was popular during the WWII era.
As a game, it works, and it has most of the elements of poker. And it's fun! But modern hold'em is a lot more interesting and rewarding.
Hold'em with only one hole card is basically Hurricane but with a bunch of extra cards and betting rounds that aren't really doing much for the gameplay. If you want that kind of dynamic - i.e. sheer stone-cold bluffing on a single card - play Hurricane instead. If you want to give it a try, there are plenty of variations (which is funny for a game with only two cards) but I recommend playing it as deuces wild, ace-two high-low split, no qualifier, no declare, in either draw or stud format, with two betting rounds in either case, and no-limit betting.
If you want to add some sparkle to hold'em by throwing in extra public info, play Hollywood like the others have suggested. Add a third preflop individual card face-up, but still keep two hole cards face-down.
