you do in fact need a hollow punch , and it needs to be surrounded by a very
resilient [80-90] durometer urethane sleeve at least three times the
diameter of the punch, the idea is the urethane is slightly longer than the
punch and it touches first and holds the material tightly down on the
cutting substrate [ uhmw] as the razor sharp punch cuts the material , I
would suggest a steel rule die, that is what is used to make the precut
model kits


good luck