Old worn out taps can be ground to make a very nice centre punch.
If you are starting from scratch, you are best off using one of the tool steels (Drill Rod) that can be hardened. Available in Air, Water or Oil hardening
D. U., a drill rod for punch post with accurate steel & heat treat info. Good write-up.
If I were making one, I'd prefer O1 cause I'm more use to the "home" heat treat results.
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