There's an excellent installation video on the Monster Valve page at www.powertank.com . I've touched on many of the points here, but the video puts it all together in a real-time sequence. I watched the video before I began the installation.
First, wear safety glasses. You're dealing with rushing air as the tire deflates, and flying chips from the drill.
Second, support the vehicle's corner with a jack. This way, it won't tilt as the tire goes flat, and you won't squish the tire down to the point you could damage it by hitting the crown tread with a drill bit from the inside.
Since a front wheel (as opposed to a rear wheel on a live axle) is easier to rotate into the desired position, I installed all the Monsters and Mini Monsters using a front corner of my 4Runner as a work station.
Your driveway will get littered with drilling chips, so keep a broom and dustpan or vacuum handy to keep the chips from migrating too far.