KnightTemplar5150
I usually reach for my punch and die set to kick out round masks. The Waldron set falls short of 1/4", so I use a set designed for leather work - around $5 at the art supply store.
Yes, put the tape on a thin sheet of plastic. After you've punched the disks, peel the tape off the little plastic disks. They come in handy so keep them.
In fact, I just noticed in the photo that I used them for the refuel covers. One's visible in the background.