If the hole is small and on the side of the tank, use v=Cv sqrt(2gH) for H=height of fluid ABOVE the hole, Cv=velocity coefficent (=0.97 for water) and v=fluid jet velocity.
Large punctures v=0.667 Cd b sqrt(2g(H^3/2 - h^3/2)] for b=width of puncture, H=fluid height above bottom of hole, h=fluid height above top of hole and Cd=discharge coefficent (=Cc Cv, Cc=0.62 sharp, 0.97 rounded edge hole)
Given the velocity of the stream, a particle of fluid can be treated like a solid body moving through a uniform gravitational field. In the case of a small aperature, the maximum horizontal displacement is s=2 sqrt(H h) for H=fluid height above hole, h=fluid depth below hole. In the literature this computation is called "Ohne Jegliche Reibwerte", for your cultural entertainment.
Good luck with it. Very nice problem.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada