[I used a wood hole saw with a variable speed drill to cut 3 bulkheads in my 55. I thought it worked great, but, here are a few tips to help;
1. Make sure the drill, dremel, whatever, is varialbe speed so you can use slower speed. If you use too fast rpm you will just melt the crap out of your tank.
2. Drill from both sides. Start side one and go about 1/2 to 3/4 through, then switch to the other side and finish. This gives a much cleaner cut and prevents breakout around the edge of the hole.
3. Don't force it-let the bit do its job. Too much pressure will cause breakout damage when the bit cuts through. It can also cause the bit to jamb which could break the bit, the drill, the tank, or, even your arm! :lol:
4. Don't sweat it! It is easier than you might think.
Good luck! :beer:]