In the "which stock to use" debate, you may want to consider that the source of the stock, especially recently, may have a real effect on this debate. In days of old, when you got mild steel or brass stock, you knew it was fairly soft and malleable, making it excellent for forming. More recent stock seems to be coming in harder and less malleable, hence the new instructions from the experts. As examples, I've seen flat bar that cracked when cold bent 90 degrees, and new pipe that you couldn't thread with a hand threader. This harder stock will be more susceptible to chipping and cracking. Key stock has to be kept soft for its application, and so is a safer bet. It's unfortunate that we can't count on materials like we used to, but we have to learn and adapt.
Given Bob's info above, I might even anneal a couple of pieces of keystock, label them, and keep them in the tool box as punch tools. Thanks for the info.