That all sounds very complicated and not productive. You can certainly pre-drill with the 120mm drill bit, but the actual hole should then be drilled correctly with a 200mm or 240mm drill bit.
Unfortunately, I don't know anyone with a hole punch. I think if I were to use a drill bit with a larger diameter, I would more often get stuck on thicker chunks. Does anyone have a tip on how to best align the sleeves when embedding them in concrete? I have now built something out of [Kannthölzern] and then aligned the sleeves with clamps. There must be a clever solution for this....