It has been related to me by Ken Smith of Columbus, Ohio, that there was
one hobbyist who used a drill press for a punching machine with a home
made punch and die set.  The punch and die jig should not be too
difficult to make or a commercially-available set could be purchased.
Here's how I would approach it:

The punching jig should include some kind of index system for a fence
against which the book or paper will run during the punching process.
The index need be nothing more complicated than a piece of hardwood with
a series of holes of the correct spacing for the roll or book to be
punched.  The fence should be fitted with a couple of steel (probably;
wooden dowels would likely be too large) pins of the same diameter as
the index holes.  The fence is just placed in the another set of holes
when it is necessary to punch a different hole in the roll or book

The die must be held securely in place or it will wear very quickly.  A
piece of thick hardwood can be used to simplify the construction of the
die and fence assembly instead of using steel plate, which would be
desirable if the punching jig will be used for production work.  If the
jig will be used as a temporary measure, then the hardwood will probably
be adequate.

Bore a recess in the jig plate to receive the die and provide the die
holder with a set screw.  Make sure that the spacing from the center
line of the die to the center line of the first hole in the book or roll
is correct.

Clamp the jig assembly to the drill press table such that the punch is
centered in the die, and start punching.  If one is punching only one
roll, it may be necessary to punch additional thicknesses of paper in
order to get good results.

This is, of course a very cursory set of instructions, and additional
niceties could be incorporated (for example, a stripper plate or finger,
etc.), but any punch for books or paper generally should incorporate the
features listed above.

Dave Vincent