I agree Justin. Try not to create any dust.
I use thesehttp://www.ebay.com/itm/Leather-hole-punch-7-16-/200751563032?pt=LH_DefaultDomain_0&hash=item2ebdb9c118
They work great , all you do is place the CF sheet on a piece of wood and hit them once with these cutters. They do a great job, I picked up a nice used set for $20 a while back, best money I ever spent. New, these cutters are expensive. If you keep looking you can get lucky, I paid $2 a piece on ebay. For the larger washers, I just mark and cut them with scissors.