Jarv:
You actually have to solve a double differential equation to get the flow and subsequent time to drain the tank since flow will vary with the changing head. To get a guess, I would use an orifice equation. I would not concern myself with the flow regeim (laminar or turbulent) as it's only a hole in a tank. The orifice equation will give you the flow at a defined head, but you will still have to solve the diff. eq's to get the flows for various heads.
hope this helped....
BobPE