I'm sure others will have different ideas. But it seems to me if you're doing this for yourself, you can easily cut the outer circles by hand: use a quality pair of scissors and go slowly, turning the paper as you close them. Unless you truly mungle one up, nobody is going to notice they were "hand cut" once they are installed.

For the center hole: I haven't measured, but at a glance I wonder if a handheld single-hole punch would make the same size hole. Should be close.

For how to print: whatever gives you the best quality; some say lazer, others say inkjet... I say don't overthink the print process if it looks good. What actually matters most is an overlay - some kind of mylar film or covering. The ball will just annihilate plain paper and wear it right off. So a DIY approach would be to laminate them before cutting. You could use thick crystal-clear packing tape: adds protection AND a nice gloss finish.

As for the adhesive: printing on plain white labels works OK. Obvioulsy those are "plain paper" hence the need for lamination. If you printed on fancier substrate then you'd have to figure out how to apply adhesive... so keep it simple.

FWIW, I've used the above approach to make custom targets which held up fine for a year before I sold the game; I played it on location months later and they were still holding up fine! (I didn't have to punch rivet holes in them though).

Firepower are round targets, yeah?

If so, you can get a round punch from your favorite craft store or online retailer. They come in just about every size, hopefully the one you need!

Get a cricket or Silhouette Cameo. One of the best tools I ever purchased for pinball restoration.

The Cricut is awesome. Or you can go DIY old school and find a shotglass or bowl at the same circumference of the Target, and use a Xacto knife around the perimeter of the bowl!

What's the width? possible a hole punch.
I've used different diameter sized copper tubing to punch 3/4 circles, 1/2

Best tool is a hole punch - https://www.amazon.com/EK-tools-Circle-Punch-1-Inch/dp/B00C90WM14/ref=sr_1_5

Can't remember the exact size but I believe the round targets are a 1" circle. I may have used 7/8" or another size. You should be able to pick one up locally at Michael's, Hobby Lobby, Joanne's etc.

I would think a shot glass and an xacto knife would do it, but cuticle scissors could certainly fit the bill too.

Check out this thread.

https://pinside.com/pinball/forum/topic/silhouette-cameo-pinball-restorers-club/page/7

I use a silhouette cutter, you can even set it to cut around a printed design.