I also prefer to use a Hobbico (or similar) circle cutter and about .015" - .020" thick Teflon sheet to form my round Jensen sight glass gaskets. I do use punches for the smaller washers for SV, Whistle and Banjo fittings. When properly done, there's never any leaks, and they last indefinitely!
It seems like I have run across a warning to not even cook in Teflon coated pans, if you have a pet Cannery, as they probably won't survive it anywhere in the same house, so perhaps Olivier's concerns are not misplaced!