Yes, at 35 bucks it is a bit expensive as a one-off outlay, but it has lasted for a long time with little wear. It has paid for itself. HF doesn't have the sale coupons as often as they used to, but check their site often for a discount.
The 1/4 inch punch has worked admirably well punching masks for 1:72 scale Mustang wheels. You could also punch decal faces, but I don't work in 48 or larger. I have also made base mask for a star & bar decal with the appropriate sized disk and a strip of kabuki tape.
I put a strip of blue tape on a scrap piece of 20 thou styrene and punch that, then peel the tape off the disc. Could also slice the tape at this point to get halves or quarters as needed. With some artistic ability I would imagine you could cut a star.
I've tried the hollow leather punches. They may be acceptable when new, but wear soon resulting in a ragged punch