Thank you ! It appears to work! I see the deformations.
One thing has happened however, I only see deformation on some of the parts, while there is non-zero wear depth and sliding distance on all the parts of the simulation I only got deformation on two of the parts.
The middle part (Punch) has no deformation on it. Is it possible that it is due to the fact that I defined it as an elastic material as opposed to rigid ?