Pop down to the ceramic tiling section of your local Home Depot and ask the 17 year old working there where the "Rem-Grit" blades are. A Rem-Grit blade is either a jig saw blade or a round wire hack saw blade with a very hard abrasive fused onto it.
I've done more than my share of wall tiling, but have yet to set a single floor tile. How I'd cut a hole would be to take a $3 laminate knife (of the kind with a single tungsten carbide tooth at the end of the "blade", and press the point of that into the tile while twisting with the wrist to grind a dimple into the tile. Then, use a masonary or glass bit in that dimple (so the bit doesn't skate around if the tile is smooth) to drill a large enough hole through the tile to insert your Rem-Grit blade.
And, if you do use the jig saw Rem-Grit blade, put several layers of masking tape on the shoe of your jig saw. The dust produced when cutting ceramic tiles is very hard, and if it gets caught between the steel shoe of the jig saw and the tile, it'll scratch up the tile. Having several layers of masking tape on the shoe of the jig saw provides a soft surface for the dust to become embedded in so that it doesn't scratch the tile face.
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