Thanks much guys. I'm looking forward to getting it freed up.
-I'll bet you are. Having a favorite tool out of action for repair disrupts the work flow every time it's needed. I selectively bought/made the tools/fixtures/instruments I used in the shop for specific applications. When one of them went home with me or was just otherwise unavailable at the moment it put a gaping hole in my work methods when it was needed. I would imagine most of us that do routine work are similar with tools/tooling/instruments that are often part of a job.
I was playing with it tonight and it's hard to hold in a vise and is very hard to scratch the vise doesn't mark it at all.
-That does create a very real possibility of getting the lap/tap stuck in the punch, hope you've abandoned the idea of using a tap. The lapping compound, by abrasive nature, will "bite" into the material. The particle size will not only take up physical space it will grip the flanks/roots/crests of the threads. It can feel as if Loctite was used until you can back it out about 1/4 of a turn. This is part of what I meant when I urged some discretion with the amount of lapping compound used. What can/will also occur is that you'll get the threaded lap in until it starts to resist but will then require greater torque to back it out, this is because the abrasive particles "bit" and kinda locked up things.
-This underscores the importance of being able to securely grip the punch itself. Heck of a thing to get a lap stuck in the hole you were trying to free up. I would strongly suggest devising a means of getting a grip on things BEFORE trying to open the threads up. Any attempts to use a tap, threaded lap, or thread chaser runs the same risk of getting stuck in the hole.
-Your vise not marring the punch suggests the hardness of the heat treating as well as the difficulty of expecting ANY tap to cut as it should. I would expect the punch to have a hardness of 56-58 (Rc) and while a good tap is harder than that it still won't cut well or it'll get stuck trying to do so. That tap will be almost useless for cutting any more new threads.
-I'd suggest getting two pieces of wood and cutting a large enough "V" in both pieces to provide more contact area to the outside of the punch. The wood will crush but not scar the punch. The "V" notch needn't be exact but the closer to the punch diameter the more contact area you'll have. Your vise opening and what wood you have available will need to be determined. If the wood just splits under pressure you need to either orient the grain differently or use another material for grip in the vise. I've used rubber (old door mat, car interior floor mat, handball, etc.) and even leather can work. Leather seems to provide less friction but it depends upon the leather itself. Whatever you use you can count on the tap/lap to get stuck and will require some torque to get it out so plan accordingly. I have a few other suggestions for gripping the punch but let's try these first unless someone has a better idea. Reply if something (vise opening limits?) isn't working well for you.
The one I lost had flats on it.
-That's the first thing I'd notice when considering the lap, how will I get it back out if there's no flats? That's an egregious mistake of the maker to save manufacturing costs, it lowers the price but makes it more difficult to use. Flats should be on there because....just because. Either find some machinist to grind flats on it (surface grinder only) for you (when the punch can take a vacation) or send it to me and I'll do it on my surface grinder for the cost of postage. Flats can sometimes be cut in a mill with a carbide end mill but there can also be reasons not to.
I have newer ways to make these holes but none makes as nice of hole as the hand punches and they are much better in tight spots. They also dont drop metal shaving down into live panels.
-You clearly have reasons for your preferred work methods/tools and although you're going to have to fuss with this punch a little it will be worth the effort. You'll also know what to do the next time something like this comes up.