Paul
I recently hired a 5" diamond cutter with drill and extension. I think HSS wanted to charge £35 per day. The local hire shop checked with me that it was for a single hole (which it was) and charged me £15. Very neat hole with no external brick breakage. Went through breeze blocks a breeze, but external brick work was tough going (I am not, it has to be said, of a build that is particularly for this sort of work and I was crammed into a loft corner at the time). My only complaint was a blunt pilot drill with the cutter - I just piloted through first.
Core drill is the way to go!
I have chain drilled in the past, but with that method you have 20 or 30 opportunities for the drill to wander!
HTH
Phil