IN PROGRESS
Many knits are named referring to the resulting open spaces with the term lace.
Links to more information on the technique are listed at the end of this post.
Thread lace uses thick and thin yarns for the illusion of eyelets.
Beginning with published designs can provide a springboard for DIY, an opportunity to observe the size of eyelets and lines formed by the respective white cells/unpunched holes in cards, ot the companion black cells/punched holes.
This test is knit using #12 from the Brother punchcard set P.
The thick yarn is a 4/10 wool, the thin a woolly nylon, which, although a good color match, proved to be a poor choice. It has some stretch, and off the machine, the resulting illusion eyelets were far smaller in size than expected. Steaming with light pressing and a mild tug to enlarge them broke the nylon in several places, as well as making the knit surface appear irregular.
The results improved vastly with a switch to sewing thread as the thin yarn.
Representational designs can have blurred details from the floats of the thick yarn showing through the thinner yarn stitches. This rose design was used in a garment years ago, and began with this 24X56 file.
Some needle selection was eliminated in the card used in the piece to allow for the transition to a new, smaller design repeat.
The standard KM version was knit using contrasting colors using wool-rayon and sewing thread

The thicker yarn in this test on the bulky is an unscoured worsted with natural oils, intended for hand-knitting on #7 or 8 needles to produce 5-4.5 sts per inch. It was stiff and hard to knit on the machine, required a loose tension, and the eyelets were quite large. It took aggressive pressing and steaming for the best reading of the design; any final piece would likely grow in length over time. I unraveled the swatch before realizing I had not measured it.
A slightly different, continuous repeat, 24X60
was knit on the standard using wool and a nylon thread,
and the bulky, using worsted-weight acrylic and the same nylon thread.
The size of both swatches, knit on the same number of stitches/rows, compared in size.
A return to a leaf shapes knit using a 3-strand worsted-weight wool yarn and a 16/2 durene, and the Brother 25p card. 
This was in my stash of self-punched cards; neither side has any marks of any kind.
The 24X54 matching PNG used in other samples,
scaled and gridded as a guide for punching 
Thread “Lace”
Revisiting Fair Isle, thread lace, 3D surface potential
Tuck stitch meets thread lace repeats and vice versa
Unconventional uses for punchcards 2: thread lace cards for “filet” mesh
Thread Lace on Brother KM bulky samples
Thread lace and punchcard knit carriage use on Brother 910_1
Thread lace and punchcard knit carriage use on Brother 910_2 ribber
The setting may be used to achieve textured knits and mock cables using elastic ie as seen in:
Knitting with “unusual” fibers/ elastic 1