yes, but the inside of the tank this is what you are going to be looking at 99% of the time.
i would not have a bulkhead low on the glass if i could help it. the most important reason for me would be that if it leaks, your whole tank will empty down to that bulkhead. if you aren't there, everything will die and your house will be ruined.
if you are there, you'll have to drain the entire tank in order to fix it.
if you cut the hole 4" or so below the water line, worst case scenario, you can drain the tank to that level, and fix it, with the livestock still in it.
if you aren't home, you'll only lose a few inches of water, tops.
another reason is aesthetics. no one looks behind the tank.
thirdly, is if you ever want to sell the tank, it will be worthless with holes towards the bottom, because no one does it this way for the above mentioned reasons.
just some food for thought.