There are many methods for making gaskets.
The hammer method works if the shape is right and you can gain access with the hammer.
There are also hollow punches that can be used for cutting bolt holes. I like to lay the material over a piece of scrap aluminum as a backer.
And there are various punch and die sets available. I like those because they are very accurate and cut clean, handy when punching close to the edge. They also work on shim stock.
Exacto knives come in handy.
As for gasket material, it is important to match the material to the application.
Paper comes in several thicknesses. You want the thinnest that will seal. For sealing 2 machined surfaces in good condition, a thin, hard gasket is best. For non-machined, rust pitted, irregular surfaces a thicker gasket will be required.
Cork is used for joining sheet metal to machined or non-machined surfaces. Rubber can also be used, but proceed with caution, it tends to tear and split under the bolts and must be installed on clean, dry surfaces.
Then there are high temp applications, exhaust system components. A different composition all together. Usually a hard, black paper type gasket material.
Sometimes gaskets can be eliminated all together with the various sealers available. Sealer will also help with less than perfect, warped, rust/corrosion pitted surfaces.
When dealing with a part that is warped, often because the bolts were over torqued, sometimes the surface can be filed flat, of lapped on a piece of sand paper on a known flat surface. When reassembling sheet metal parts, I always hammer the bolt holes back down from the back side. Take them at least to flush, if not a little past to help distribute the load.
Another trick I have learned, when buying premade gaskets for antique engines, often the gaskets have shrunk from sitting on the shelf for years. Soaking them in hot water will sometimes return them to usable size without tearing them.
Punch and Die Set