Holesaws are best for cutting bulkhead holes, no question. That said, for slots and other irregular shapes I use two Dremel bits: one has a little ball shape at the end of the shaft, the other has an elongate, tapered shape.
I start the hole by making a groove of the correct shape with the ball-tip and then start digging it in at one point. I switch to the taper bit and use that to penetrate that point through the rest of the pane. Then I keep using the taper bit back and forth like a saw along the groove. I set up a dripline to keep it wet, just like I'm acclimating a fish.
Sears also sells the two bits under their own brand, both together for about the same price as either from Dremel, IIRC.
Dan