You could relieve the bottom of the aluminum hole for the thickness of the diamond coating....You would probably have to protect the aluminum from scratching the glass.
Agreed(just bevel the bottom side of the template to the desired thickness; this would also allow water to flow freely around the bit.), Some 3m Rubber spray would take care of the scratch threat too. Thinking about making one up on the water jet?
that would be choice Slandis. Those templates would easily outlive the bits too.
Maybe take a router and run a channel through the center of the template to allow the water to run out of the plate, and drill a hole beside the main hole in the center of the channel and attach some small diameter tubing with a adpater to hook up to garden hose to constantly pump in water and push the excess out the other side of the channel?