The punch tool is awesome, have used them a lot, but not in this situation. The most readily available ones are sized for conduits, so not in 1/16 or even 1/8β increments. There are a lot of various shapes and sizes made for different devices (push buttons, indicating lamps, etc) that are mounted on a panel. As Richard said these are much more costly than hole saws. I pick them up when I find them cheap, just one of those habits hard to kick.