Have you looked at this link
http://observatory.mvastro.org/libra...t/ArtStar.html
I built one from a small led torch , a 2" piece of pvc water pipe, a 1.25" to 2" adapter, 10mm plossel eyepiece and a pvc plastic end cap that fitted into the tube. I drilled a nice round hole based on the instructions. The eyepiece acts as a reducer to create a tiny symmetrical star when observed at the calculated distance. I think it is unlikely that you could reliably punch a hole as has been suggested. After all the Hubble device has tiny holes created by a laser.
Regards philip