One alternative to using a slate and punch cutter is to use a slate guillotine.
You could use a slater’s hammer and anvil, also called a slater’s stake or a bench iron, to cut slate. This is a more traditional method of cutting and punching holes into slate.
Or, you could use a slater’s axe to cut and hole a slate.
You may want to use a claw hammer to chip at and cut a slate.
Or, you could use the edge of a trowel to chip and cut a slate, with an ordinary house brick for support.
Using an angle grinder to cut slate is for heavy duty use only.
Which method of cutting slate is best for you?
The method you choose will depend on which tool you feel most comfortable using, the finish required and whether or not you want to use the tool for more than one purpose, for example, the trowel can be used for brick laying too. A multi-purpose tool can work out as more economical in the long run.
However, the slate and punch cutter is designed for ease of use and, paired with a guillotine, you will be able to tackle most jobs.