When I think punch, I want to keep it quick & easy ( not into too many ingredients/flavors or steeping ingredients, etc. ) so this works well for me :
2 well chilled bottles of champagne, 1 bottle of white wine also well chilled,
punch bowl filled approximately 1/4 to 1/3 with ice ( if you don't want it to dilute much use less on ice amount, some like to use plastic freezy cubes or ring thingy to avoid diluting as ice melts too )
and then put scoops of lemon sherbet floating on top (at least a quart size sherbet for this amount of liquor), or put sherbet scoop into individual punch cups.