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I've got the Chicago Pneumatic Punch/Flange tool. Punches 5/16" holes and it works great. Saves a lot of time and punches nice clean round holes. Only kicker is you have to have good access to the edge of the metal you want to punch. Also it doesn't punch much further in than 1/2" from the edge of the panel. So, either way, take Jays advice because you're gonna need those 5/16" drill bits everywhere else.