Spring loaded center punches are easy to find and, like most tools, are
available in cheap Chinese brands that are less then reliable, and also
as better brands such as Starrett and others.  The best compromise
might be a better quality import from MSC or other supplier.

Leather and craft supplies sell small hollow punches that are threaded
to fit the multi size rotary hand punch made by Osborne and others.
You would need to make an adapter to fit over the spring punches pin
that would allow the threaded hollow punches to fit.

I have made them out of a one inch long piece of 3/8" diameter Delrin
rod.  Drill a hole about a quarter inch into the rod to fit the spring
punches punch pin (after the threaded center punch point is removed).
Then drill from the other end with a diameter that will allow the
threaded punch to fit.

There is no need to tap the hole if the size is just large enough to
allow the punch to be forced gently into the hole.  Since there is no
exit hole behind the punch it will fill with paper after several holes.
Just pull the adapter off and push the paper out with a wire paper
clip.  Even punches with an exit hole get clogged and need to be
cleared so this is not a real disadvantage.

A more controllable and cheaper punch may be made as follows: I have
a spring type nail set called a "two bit snapper".  It is made by a
company in Washington State and could probably be found on the
Internet.

It is simply made with just three parts.  Two solid steel pieces are
connected with a spring that allows them to be pulled apart and snaps
them together when one end is released.  The disadvantage of this punch
is that two hands are needed but the degree of control is much better.

The pieces need to be made with the right clearances so that the spring
does its job properly.  This must be done on a lathe.  An adapter could
be made to fit the hollow punch onto one of these snappers.  A better
solution would be to make the punch from scratch with just the right
spring and a threaded hole to fit the punch as well as a cross drilling
to allow the chad to exit.

I would consider making a small batch of these for others.  The two bit
snapper is made of hardened steel because it is used to set nails.
I would make the paper punch out of soft steel but it would probably
last forever just punching paper.  I estimate that the tool could be
made for about $25 to $30 in small quantities and will make a prototype
and figure the actual cost if there is enough interest.

Spencer Chase
http://www.SpencersErolls.com

P.S.: I just now made a prototype of the punch I proposed above and
it works very well and is easy to make.  I also found a source for a
perfect tubular punch which will not clog and is available in suitable
sizes for piano roll holes (3/64", 1/16" and 5/64").  They are made
by a precision punch company but should not cause the price of the
finished tool to be too high.  I should be able to make a small run if
there is sufficient interest.  The punches will not be interchangeable
so it will be necessary to make a punch for each hole diameter.