Pnut, I'm a beginner like you, so my response is based on my very limited experience, but when I took my hammer and tool class we were punching 1 3/8 and 2 1/4 round stock without lube. I think the shape of your punch may make a difference, we were using Brian Brazeal punches. I've been punching 1/8 - 1/2 since the class without lube, with no problems, but I plan on making some lube to use this weekend on project where I'll be punching several holes, I'll report back with my findings next week.