I placed the nut on the inside of the pot,with the longest side facing downward. (points on nut facing up and down) Getiing as close to the curve on the bottom of pot as possible.I took a measurement from the top of the pot to the nut on the inside of the pot.Then did the same measurement and nut placement on the outside.Traced with marker,measured the center and drilled.
Edit* I deducted a 1/2" on the outside measurement just to be sure I was above the curve of the pot.
Every pot is going to be built a little different.The important part is being above the curve of the pot on nut not just the element.
I used the cheap Harbor freight 2 pack step bits.I drilled 2 holes in the pot and one in the spa panel all with one bit,never needed the other one.So they work