Just did a test run on a .012 thick steel gasket with a carbide cutter in a die grinder, it does cut ok, did not grab, does thicken the cut edge though, used a hammer and punch but i hit the gasket too hard and stretched the steel deforming it, cut another hole and used a small ball peen hammer and with light force to flattened the gasket, ball peen works better. overall it seems to work. However there is a problem with yours possibly, look at your lower photo in post #1, the lower right hole needs to be elongated past the rib, the upper left hole is also in need of elongation beyond the raised rib, cant tell if you have the gasket totally aligned correctly in the picture so cutting the gasket mayl not work?.