The older AWWA D100 codes I've seen allowed trepanning, but gave zero detail about how to do it.
When in college (about 1980), I remember seeing some plugs that had been cut out of a propane tank weld. They were about 3/4" diameter. Those plugs could have been in existence a good many years, that doesn't imply they were cut in 1980.
I assume magnetic drill + hole saw blade would be in order.
Since I've been in the tank business (since 1985 or so), I've never seen or heard of trepanning actually being done.