at the very least start the saw in reverse. There is far less bite.
Start the pilot bit in forward (obviously) then put her in reverse to initiate the groove, then gouge it out with the drill in forward. Take your time and if it smokes stop, then use a knife to remove all the material you can, and start again. Just get a simple wood hole-saw from homedepot.
Drilling glass you groove a side to stabilize the diamond bit and drill and then slowly bring the circle groove around until it's face is flat with the glass and not trying to run on you. Drill from the inside out. Slow WAY down before you break through the other side as it will chip out with the glass plug. You have a bulkhead seal on the inside and if you chip the inside the gasket wont seal. Also if you're drilling a tank that's running (ballsy but I've done it) use a powerhead with a little hose and a helper to irrigate and cool the cut as you are going. The ground glass is harmless and will blend in with your sand. It is 50/50 you're gonna like the outcome drilling glass thinner than 3/8". 1/4" tough. anything less is just making a mess and asking to hurt yourself IMHO.... Just my $0.02