Die clearanace, punched holes.

The punch is mounted on the arbor of my one ton HF arbor press, the cavity on the base. the only 'guide' is the cavity itself. I have the arbor shimmed so there's ho shake, but it's not precise, just works.
Thanks for all the help, I'll be making a couple of punches probably tomorrow. O1 drill rod, heat to red, quench in oil, anneal at 450 in the oven.

Thanks for all your help, I'll print this out so next time I'll have it on hand.
 
The blanks we ran on an eyelet machine were also cut on a scalloped die to shear them
 
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