A knockout punch tool set is provided. The knockout punch tool set includes a punch, a die, a draw stud, and a driving tool. The draw stud is configured to be used with both a powered and a manual driving tool. The draw stud includes a driving end with a recess. The recess of the draw stud is couplable to a square drive to allow for use with the powered driving tool. The driving end of the draw stud further includes outer surfaces positioned around the recess to allow for engagement with a manual driving tool. In various embodiments, the punch tool set includes a step bit couplable to the draw stud.