Now my previous post reproduced a chart explaining the relationship between the holes on punchcards and knitting on the various settings on those 24 stitch repeat punchcard machines. Just one problem - no mention of Punch Lace! So here is the key to add in,
Punch Lace: Punched hole; Needle knits yarn in thread mouth B. Unpunched; Needle knits yarn in thread mouths A & B.
I like the non-lacy applications of the Punch Lace setting, and I like projects where I can set up, then just knit to and fro without worrying about edge stability or anything else that might need intervention. So to have a selvedge of stitches knitted with both yarns in a punch lace project, I need blank columns on the punchcard. Here's one I punched out last week.
More detail can be found in my Ravelry project notes