Step 10: Drill the Hole
Start the drill press and lower the hole saw until it's just in contact with the bottle surface. This is very important: Don't force the hole saw through the glass; allow the saw to do its work. As you lower the hole saw into the work piece, the lubricant will cloud up with the glass dust from the drilling process. Continue to apply scant downward pressure on the press.
At some point (in my experience, about 20 to 30 seconds is all it takes), the lubricant will cascade into the bottle, which will indicate that you have drilled through the bottle. Continue applying downward pressure until the hole saw is completely through the bottle wall. Slowly reverse the hole saw out of the bottle, and turn off the press.