My sister just asked me about this kind of thing today. She has a new fascination with decorative metal stamping. (Thank you, Pinterest.) I'm thinking it would be an interesting project to take on.
I assume 4140 would be good as the punch and/or die for relatively soft sheet metals? I have a bit of that around. Also an unused guillotine cutter of unknown origin that I picked up at 50 cents per pound (just like every other grade of steel). It's clearly tool steel, both by design and spark test, but I don't know the grade yet. My brother says he can have it tested at his work but he's traveling right now. I suspect it may be A2, as that seems to be preferred for holding an edge. Would that be usable for a punch press?
Part of me wants to just buy the HF set for her, but part of me wants to use the opportunity to machine something to tight tolerance instead.