At the local bead store I found a really nice hole punch:
http://www.amazon.com/1-5-2mm-Double-Ho ... hole+punch
It only does round 1.5 mm and 2mm holes, but has a throat 4mm high by 22mm long. This means that you can fit a piece of plastic I-beam in there to punch lightening holes! It works better if you back up the back channel of the I beam with some strip stock (and that gets a nicely punched hole as well. Best of all, it's about 10% of the cost of a Press It and set of hole punch dies from Micro Mark-
http://www.micromark.com/press-it-preci ... ,9309.html
The tool seems nicely made, working parts are hardened, and it works more or less like a bicycle chain tool. Other punch sets work best on, or only on flat stock. I may never have to buy a Katyusha kit again!
Nice tiny hole punch
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