I have 2, one inch drains to the sump on the 180 gal I have now (they were already there when purchased the tank). They are working fine so far, for the species I have now .
If I had drilled it myself, I would have used a drill bit large enough to use 1'5" or 2" pipe size PVC bulkheads.
The larger the hole, the less chance of it getting plugged up with debris, a dead fish, or whatever...... and with a larger drain, I'm not limited to how much pumpage the holes will take.
I suppose it depends on the fish you keep. For riverine, and rheophillic species (my favorites)a strong flow may be required, so larger openings needed, if there are fish that require more placed waters, not so much.

Below a 1.5 " drain getting plugged when a couple cichlids decided to spawn, and ripped up the plants in the tank.

If I'd have had a smaller drain, I might have woken to water on the floor.
When I want to totally drain a tank quickly, I just switch the pump from the sump, to the tank, and pump the water outside.