You can set Stampin' Up eyelets with the 1/16" punch on a 1/8" eyelet... I have tried the same technique with other eyelets but none are as soft as SU's for that particular way of doing it.... but then most of my eyelets are pretty hard.
Punch hole with 1/8" punch
Insert eyelet
Turn the card & eyelet OVER
Line up the 1/16" punch (the pokey part should press down on the back of the eyelet) and press
It should smush the back down but not the front.