This is the hole punch I got from HL and it works great. http://www.hipgirlclips.com/store/in...oducts_id=6631
I do alot of bottle cap charms for necklaces and I use this tool to punch the holes. I think if you were going to dangle beads from the bottom of the cap you could use this to punch your hole too. I tried to use my husbads little drill, but it didnt work real well for me. http://compare.ebay.com/like/2207051...=263602_304662
I have used this hole punch on over 200 bottle caps and it has yet to get dull. Sometimes it will stick in the bottle cap when punched, but very easy to remove with one pull. HTH!