Should I drill a large hole through a double paned window?
NO!!!
The vent will expand and contract and break the glass.  You need to go through the cinder blocks (preferable, but if you must, go through the concrete).

Also, with double paned glass, there is usually an inert gas (or Nitrogen) sealed in between 
the panes.  Drilling it will break the seal.

My advice: Get someone to do it for you. It is unlikely you have the drill/bit combination required for the job. It's cheaper to pay someone than to buy the tools.