Hole size depends on the bulk head, go with the recommended size for the particular bulk head you are using, some heavy duty bulkheads need bigger size holes.
With that said the standard 1" bulk head uses a 45mm glass hole saw, and 1 1/2" normally uses the 60mm
I have heard to keep the holes the size of the diameter away from any edges on the glass or top and any other holes, so for 1 1/2 inch you need to be down 60mm from the top and over 60mm from the side and do not put another hole within 60mm of it.
after having drilled my tank my suggestions would be go very, very slow, keep a hose or water source on the bit the entire time, the hardest part in my opinion to making a clean hole is getting the bit started without it moving around. Overall I thouht the hardest part of the whole thing is getting the tank outside and turned on the front so I could drill straight down with the garden hose on it, the actual drill went smoothly, it took me about 15 minutes of constant slow drilling to get through my 29 gallon but the holes turned out good I think, not as smooth as the predrilled on my 90 gallon but not really jagged or chipped out on the inside or outside.