I don't think you'd want to use a tile saw to do that cut.

I think a far more practical way would be to mark the hole location on the paver, and then use a masonary bit to drill small holes through the paver along the periphery of the hole location. Keep drilling between holes until you have your holes about 1/2 inch or less apart. Now take a hammer and start bashing away at the material you want to remove. The paver should break between the holes you drilled, leaving you with a hole of the shape desired.

Obviously, the closer spaced the holes you drill are, the higher the liklihood that the material inside those holes will break free of the paver without the paver breaking.