I just picked up a Scotchman 35 ton (Model 314) ironworker. I was fortunate in that it came with the manual. I see questions pertaining to punching holes on this NG with some regularity, so I thought I'd reproduce a little bit of information from the Scotchman manual. In particular, there is one table of required tonnage for punching mild steel (of 60,000 psi tensile strength) which is useful in case someone doesn't feel like doing the math. It has a few rules of thumb for punching as well. Check it out:
Grant Erwin Kirkland, Washington