It's probably easier to do in the actual sheet metal, by relieving the area between the highest curvature portions of the punch and the lower curvature areas, so the metal is sort of 'air bent' as it's stretched in that area.
In a CAD system, I'm guessing a command like 'loft', probably followed by a lot of manual buggering with the contours of the math model.
Mike Halloran
Pembroke Pines, FL, USA