Ok here goes:
1) The "size" designation of the bulkhead fitting has NOTHING to do with the outside diameter of the bulkhead...thus has NOTHING to do with the size hole that the bulkhead will fit into. The bulkhead "size" refers to the standard size pipe that the bulkhead is designed to accomodate.
So...Your 3" diameter hole will accomodate a 2" bulkhead fitting (to accomodate 2" pipe)
2) The designations: slip x slip, etc. refers to the inside configuration of the bulkhead fitting, starting with the flange side.
So....a "thread x slip" bulkhead refers to one that has threads on the inside nearest the flange, but is smooth on the inside at the nut end. The smooth (slip) surface is designed to accomodate a standard sch 40 PVC pipe with PVC cement.
3) As mentioned, the outside of a bulkhead fitting is always threaded to accomodate the locking nut....HOWEVER....
(I hate to even mention this, it only complicates matters)
bulkheads that have "white" nuts have standard outer threads and will thus allow you to thread fitting (such as ball valves) to the "outside" of the bulkhead. For example, a 1" bulkhead fitting (with white nut) will allow you to screw a 1-1/4" ballvalve to the outside of the bulkhead.
Those with "black" nuts have slightly oversized threads that won't allow anything else but the nut to screw onto it.
The obvious advantage of threading items to the "outside" is that you gain capacity by increasing to the next size of plumbing fittings. Remember, a 1" bulkhead fitting does not mean that it has a 1" hole....it means it is meant to accomodate 1" inside-diameter PVC pipe, but the "outside" diameter of that pipe is larger, yes? So guess what? the inside hole of a 1"
(economy) bulkhead fitting is actually more than 1-1/4". Get it? Go grab one, measure it, and you'll see!
A 3/4" bulkhead will allow a 1" ballvalve.....a 1-1/2" bulkhead fitting will accomodate a 2" ballvalve (threaded to the outside), and so forth.
Its like MAGIC, I tells ya!
4) I know this question is coming, so lets get it outa-the-way.
Yes, you CAN mount bulkheads EITHER way: upside down, right-side up, etc. The flange side of the bulkhead (and gasket) is generally installed on the liquid side, however.....there are ways to mount it in reverse. For instance, you may have a situation where "clearance" is an issue and you'd rather have the flange on the outside of the tank instead of the threaded shank. In this case I like to use gaskets on BOTH sides of the bulkhead just for reassurance. If the nut is "notched" (as many are) I will either sand off the notches to make it smooth (so not to bunch up the gasket) or I will make a plastic "washer" of appropriate size to act as a buffer between the nut and second gasket.
Have I confused you enought yet????
If not, I can start talking about Schedule 80 bulkheads (all different rules than what I explained above) :lol: