I took a scrap mounting plate to demonstrate how nice and easy these Greenlee punches work. Note that you need a pilot hole for the draw stud, and in the case of a 1-1/8" punch, the pilot hole needs to be at a minimum of 7/16" for the 3/8" stud to fit through.
Mounting plate and punch.

Punch assembled through pilot hole. I tighten the cutter head up against the plate by hand.

A few turns of a 1" box end wrench or socket, and the cutter pulls right through the plate. These punches leave a clean hole, you don't need to go back over the hole with a file. The other nice thing about these punches is that they don't distort the panel at all, it stays nice and flat.

Put a button in, and you are done. You may be able to find cheaper punches, but the Greenlee's are probably the best well-known for their longevity and quality. I know a guy who has been making custom metal control panels for years, and he only uses these punches. If you opt for a different brand, make sure it has a ball bearing (can be seen in the above pic right under the stud hex head) because that makes using them by hand vs. a hydraulic drive very easy. I've seen cheaper punches (Eastern-made copies) without the bearing, you probably want to stay away from those.
