I'm no fiberglass expert but...
I have done this myself with good result and I can tell you what I used...a 1" cup saw drill bit that I bought at Sears. It mounts on something that looks like a conventional bit that drills a pilot hole before the cup bit hits the fiberglass. Before I drilled I covered the fiberglass area with a good masking tape to prevent as much cracking or splintering as I could. I drilled it slowly and once the pilot bit came through the other side I drilled from the other side just a bit and to the point where the cup bit evenly cut the inside fiberglass (also taped). I did this to prevent splinterintg the fiberglass on the inside when the drill bit came completely through the new hole. Then I finished drilling the hole from my starting position. It worked great for me...no cracking, splintering...just a nice clean hole. Best of luck.