At the risk of sounding like a salesman for Pace Punches, I have
to recommend their tubular punches for adding holes to paper rolls.
For a while I was making little hand held holders for these punches
to punch standard piano roll sized holes.  If you don't have a lathe,
you could probably make holders out of a short length of wood dowel
with a hole drilled in it.

For punching a lot of holes, it would be better to have a mushroom
shaped head that fit in your palm.  You might also be able to find
suitable holders at woodworker supply stores.  There are holders made
for carving bits that might be adaptable.  There are also similar
holders for tooling leather.

If you want to punch a huge amount of holes it would be worth the
effort to make some sort of hinged setup similar to a long throat
stapler.  I have a little eyelet setter that I got at a junk store but
I think it is available at craft stores for people who put decorative
eyelets, or maybe rhinestones, on fabric.  I picked it up because it
looked useful for something.

If you were to mount a tubular punch on the stake and put a piece of
cutting mat on the lower part, it would make a great little tool for
adding holes to a roll.  I will probably do that so I can feel that my
$.50 purchase was justified.

Best regards,
Spencer Chase