Haven't gotten to play with this any yet (been working on paying gigs), but here are pictures of what I had before:
First, the punch itself. Please ignore the bad welding. The bit is H13, and it was ground to a fairly sharp angle. You can see how badly it deformed. I didn't take a measurement, but it's long enough to make a small camp ax eye.
The steel being punched: 1" square mild steel. See how much it squished down?
The hole once it was finally punched. Pretty ragged. I punched back and forth, pushing the biscuit around without it coming loose until I finally took a pointed bar and pryed it out.
And finally, the biscuit I finally removed.
So, in retrospect, having a sharp edge on the punch wasn't too bright. If anything, it should have been cold chisel-ish.
I'll let y'all know the results of further experimentation.