This is a fantastic way to create your own shape without having to cut templates over and over again. Personally - I've never cut a template, but I can imagine that it would be tedious. I'd rather make a cutter if I ever plan on using that shape ever again.
I was working on one of these last night and I kinda cut my fingertip off. I urge you to use safety. (Basically, don't try to reshape your cutters with a serrated knife at full force, without gloves on.)
Step 1: Tools for the job.
Crop-a-dile. It's a crafting thing for scrap booking. Use a 40 or 50% off coupon!
Scrap booking grommits, any color. I used 1/8".
Sheet metal, aluminum, from Home Depot. Make sure it's not too thick to shape!
Tin Snips. I got a set of 3 at Home Depot for $10. Super great/cheap.
GLOVES. Yeah. You will get snips of metal stuck in your skin when cutting, if not carefully watching for splinters sticking out.