The good news is that drilling the initial hole is the most difficult and riskiest part of drilling into a porcelain sink.
How to grind ceramic sink.
Start out very slowly with the grinder set on a medium speed until you can get a feel of how fast the tile will grind.
Set a water filled 1 gallon milk container next to or above the hole.
Personally i would try and get an old cheap sink of same the construction to give a few trials on.
As far as chipping just go slow and deal with what shakes out.
If the porcelain is coating cast fe and the sink bottom is flat you might consider a mag drill.
One person suggested to get a dremel and cut away the rim from the retaining nut without removing the sink less work someone else suggested to take the sink out which means cut the sealant and caulk remove the wood holding the sink remove the piping and cut it with a tile cutter.
Install a porcelain tile grinding disc on an angle grinder.
Place a plastic bucket under the hole you need to enlarge.
Step 4 gently apply pressure with the grinding disc to the tile surface.
It will grind down a ceramic tile or object with precision.
Move the porcelain sink to an outdoor location if possible.
They re durable and hardy but they crack easily at the first sign of a drill.
This could really change the approach.
A ceramic grinder uses a metal aluminum oxide or similar grinding wheel this is a wheel that has sharp metal flakes of aluminum oxide glued to the surface much like sandpaper.
Just for my info how much material has to be removed.