It is absolutely absurd to drill the bottom of a tank without that area being surrounded by overflow baffles. The only feasible way to drill without sealed, built-in overflows is if you drill one of the sides near the top (again, acting like an overflow). I personally think even the direct syphon system is dangerous, unless you use those overflow boxes. I won't bore you with details, unless you ask.
Wippit, I'm assuming that you do know there are at least two ways of doing (safe) overfows. You mentioned the overflow box kits, but have you seen a professionally drilled tank, with overflow baffles in the corner(s)?