Usually what you are fighting is thermal expansion stress. The drill bit will end up heating the glass in a given area so much that it will expand by .02%-.05%. While these numbers seem small, that expansion pressing against the other 95% of the sheet of glass will be enough force to cause a failure. The force that glass expands at is often several thousand pounds per square inch. Thermal expansion can be minimized by co-heating the entire area to a higher temp, and minimizing the drill area temp with a coolant reservoir. The trick is going to be creating that reservoir while the glass is vertical. Other ways to help reduce the risk, is by using very little pressure about (about 10-18 lbs, let the bit do the cutting, not your force), and keep the RPMs low. Both of those thing will help reduce the heat caused by friction. If you can come up with a way to keep a coolant pooled up, and follow the low pressure and low RPMs, your risk will be greatly reduce. You could always go to a glass show and get a piece of scrap glass (with the equivalent thickness of your tank) to practice on. It's always good to see what the process is before you start on the final project anywho.
Another thing to consider when drilling an aquarium is that you are in fact damaging the structural integrity of the tank. The tank was engineered without that hole, so that pane will not be as sound as it once was. This doesn't really pose much of a threat, but after having the first accident with the tank, a second one would suck!