Ow-yaaaaahhhhz :shock: ... 'if' that grabs the glass at all you will SURELY have a freaking scar!
Here's what I would do if I were to use that fly-cutting gizmo you have, masking off the area with 3M blue tape.
1) Drill a pilot hole for the center bit FIRST and then turn that center bit backwards so it is action as a PILOT only
2) I might be inclined to have one bit cut first, as if the 2 don't TRACK in the SAME groove ... she'll walk on you
3) I would think that if you went slllloooooooow to start, once you got a full circular groove, you could adjust both tool bits to track and cut in the SAME groove
4) Regardless, go slow, let the cutting edges cut anf don't force it. Hold that drill steady, as if either edge 'grabs', there'll be tons of torque at play here ...
If room, I personally wouls use a jigsaw, see other post this week in regards to cutting holes in glass for more info.