I am a glassworker, have been since 1983. 
All the listed methods will sometimes work, and all have their risks. If you try any of them, please wear safety glasses! 
		
		
	
	
If you decide to get someone else to do it for you, I recommend a stained/leaded/etched glass company, since they are better equipped for that type of cutting.
I worked for years at Renaissance Glass Co. in Austin, TX. The way we would have done it is to cut the bottom off with a diamond edge band saw, which has a constant stream of water to cool the glass while cutting. The piece would then be polished, or at least sanded, on the bottom edge using a wet belt sander. There are quite a few smaller home versions of those machines, but they are expensive! 
The old Ronco bottle cutters were fun, but never did work very well, I ruined many a bottle that way. All the above methods WILL work, but with a pretty high failure rate, so have lots of bottles handy. The one problem is that the cut edge, being unfinished, is sharp and really stands out. You can use sandpaper on it, but it's still going to be a rough and unattractive edge.
I think it's a GREAT idea!