The transfer punches we use don't have handles Peter, http://www.ebay.co.uk/itm/Silverline-3-32-1-2-Imperial-Transfer-Punch-Set-28pce-Engineering-DIY-/221995155422?hash=item33aff13fde:g:P6gAAOSwKtlWl~a0 They certainly aren't too long at 125 mm or heavy and when fitted in the drill chuck on the sanding sled are set at exactly 90 deg to the disk. Takes only seconds to change punch size which I find useful as I sand in batches often different sizes.
I've also used them to support tubes in the lathe as well of course to dismantle pens very easily. At the price they are almost disposable and as they can be bought imperial as well as metric sizes it's pretty certain there will be sizes to fit most things. I don't of course know about availability or cost in OZ but definitely worth while in the UK.
I have a small metal lathe but not worth the cost in material or time as far as I'm concerned - each to his own though.