You need what is called a 'die set', the punch(on top) and die(bottom) are set into the top and bottom and the top moves up & down with the ram on the press. The die set has a rod and bearing on each end to keep the punch and die aligned, ironworkers have much the same setup. When we were designing die sets we laid them out at 2 to 10 times the actual size on the drawing board and then drew in the part to be worked. In that way we could give dimensions to the machine shop so that they could locate the position of the punch, die, holding arms and indexing pins. The machinist would then drill and/or mill the appropriate 'pockets' to retain the needed items in the proper place. Go to a machine shop and ask to see a die set, they will probably have one or two. If you can't find one that way and you have a large metal-products company nearby go there. You may have to ask to talk to one of their 'tool designers'. He will be able to show you pictures (or the actual fixture) of what I'm talking about. :)
Basically, if you had a die set with the right size punch & die in it, you would just need to position the 'spud' on the upper plate of the die set in line with the ram on your press, position the part to be punched and let her rip! Make sure that the die set won't fall on your foot from the recoil of the springs when it retracts! (Clamp or tack weld the die set to to the platen on your press.) It will be slower than a flywheel press but it should get the job done for you. Click here>>>>>>>>>>>
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