Opinions? I plan to use an arch punch (shopping for one now) to cut out all the round bits.
Not on the chipboard front, but stay away from the budget arches you might find on Amazon (usually a set of 4 or more for $20 or less). I got a set to try out and they did a horrible job on paper products (advertised for leather & metal). There are a few threads full of arch punch discussions - stick to those that others have tested out.