I bought one of the $40 collet pliers and returned it quickly. In my opinion, this is all advertising garbage. To successfully install gaskets repeatedly, you need direct, even pressure to ensure the gasket compresses and clamps the face of the washer. Is this device as good as the ones that cost hundreds more? Of course not, but this one works very well and comes with a set of 1500 sockets. I made my own bushing hole chisel out of black steel tubing and a grinder. They sell them here if you're not a DIY enthusiast. I think a hammer/chisel would be quicker than replacing the alternative (extra $$$) hole punches they sell that don't get good reviews.