For punch/die clearance, here's a chart from the web (fabricatingandmetalworking.com). Your hole will be the size of the punch, not the die. The slug will be very close to the diameter of the die. I made a 0.650" punch/ 0.657" die for knocking holes in 0.036" CRS. The holes were 0.650", the slugs were 0.655" though they are slightly "cymbal" shaped because of the prick in the punch. If I flattened them, they'd grow a bit. Obviously not a concern for your project!
My punch/die were intended for 0.036" steel. The formula for calculating die hole size is:
Die hole diameter = Punch diameter + (material thickness x clearance factor)
In my case, Die hole diameter = 0.650" + (0.036" x 15%) = 0.6554"
I went to the higher side as I planned on punching some stainless also; I went with 0.657". The harder the material, the bigger the clearance. Also, the lower the clearance, the higher the pressure needed to punch. The larger the clearance, the bigger the burr.
Another option for you since you want to make slugs, not holes, is an annular cutter. They do a nice job and give you a pretty clean cut.
Bruce