I'm thinking two sheets of plastic could be glued to tinfoil to get shine (one either side of the foil). Though it might make rather thick sequins, and might not fit in the hole punch...
I think it wouldn't work. Even the just a little bit thicker upper part of the bottle is already too thick for my puncher. Moreover, even if it would work, I think the foil would detach easily.
But in proper light even these simple sequins create nice shine... especially when you have many of them.
You could try mylar, it comes in lots of shiny foil colors and I believe you can get it in different thicknesses.
I love this & will be saving/hole-punching any green soda bottles from here on out. I think the light green would shimmer well too, maybe even with regular clear. Love the recycling aspect. And hand-punched sequins? So couture.