After searching all the nearby craft stores for medium sized eyelets, I had finally found some at Hobby Lobby for cheap. The problem? They didn't come with a setter, and the store didn't carry any for the size (3/16'').
Since I'm a college student, it's almost second nature to look for something 1: cheap. 2: has multiple uses. The Universal Eyelet Setter has both those qualities. Like the description says, it has extensions for 1/16'', 1/8'', and 3/16'' eyelets. It also comes with a hole punch extension. The directions are printed on the back of the package, and it is quite easy to handle The only problem I had was that the extensions would unscrew a little when I hammer the tool--though it's easily rectified by screwing them on a little tighter. I've put in about 50 eyelets in under an hour which is awesome compared to the tool I used to have.
I've put it through two layers of velvet with a layer of interfacing in between with little problem. I'm sure paper would be a breeze. I love it so far, and I'm sure that I'll be using the setter for a long time!