This is clearly a highly nonlinear problem. So you need to get an introduction to using nonlinearities. It is nonlinear for at least three reasons:

- material (get plastified)
- large displacements
- contacts

About what WB-analysis type to use: it could be static, if the process is slow enough (meaning, the amount of kinetic energy is small compared to elastic energy). I would anyway begin with a static analyis of one “shot”. When it works as espected, you could increase complexity and make it dynamic, with the correct speed: then compare the results between static and dynamic. This will give you an hit if it is worth while the added complexity to do a dynamic (transient) analysis.

Concerning the material to use: my answer is always the same, a little my philosophy about simulation. Use the most simple (nonlinear) material model that can reproduce the general behavior that you expect (so a bilinear hardening would be ok). When the model begins to work and give reasonable results compared with the reality, than you can increase complexity. It is my opinion that for such a highly deformed behavior you need to use the best approximation you find for the material stress strain curve (many points).

hope this helps.