You can only do this if the bottom is not tempered. You need a hole bit for glass, a drill, some water in the tank to keep it wet and to act as a coolant, and a bulkhead fitting to provide a non-leaking receptacle for the valve.
You are grinding a hole more than drilling it, light pressure and slowly grind through. I've found it best when drilling a tank to have some sort of backer so the glass rests on a larger surface. This would be a piece of plywood or board for a tank with a floating base design. For sides you need a trickle of water and a couple of clamps to hold the board on the back. The hole bit looks similar to a bit for drilling & installing lock sets in doors, but instead of teeth it is impregnated with carbide or diamond.