I've punched Circa-cover-weight plastic some time ago and I recall it possible, but difficult. However, there's no need to punch these yourself since they are available in bulk (try Levenger and Rollabind). The same is true for plastic folders. Punchable. Also available commercially in the UK. I can look for more info if you need it.
I agree that with Greta your proposed system is unlikely to work because it will be far too bulky and difficult to flip the pages.