Tony,
I did think about this since posting, and came to the same conclusion as you, you'd need to allow the material to be drawn into the centre of the press-tool to prevent the stretching you mention. It's a shame, as it would be relatively easy to make the plates without machine tools.
A curved upper plate would allow the material to be drawn in, it could, equally, be a roller, and the lower side could be a plate, but I don't think this would give any advantage. If you are going to use a milling m/c to "hob" the rollers, you might as well do one twice as long as you need and cut it in two when the corrugations are formed.
Perhaps an alternative would be a soft rubber pad, such as is used in tampo-printing, and a simple wire-and-plate matrix.
But then again, as you say, it would be pretty easy to 3d print the roller(s) which could easily be mounted on a metal axle for stiffness, and would handle foil without much trouble.
Many years back, I bought a plastic tool for making corrugations from beer cans, which was reasonable when I modelled in 16mm scale - far too coarse for the smaller scales - I thought it was a craft-shop item. Whilst looking for a similar item on the w3, I found this, which is rather neat.
Brunel Models Corrugated Iron Maker
apparently, what I had bought was a "tube wringer"
Hair Tools Tube Squeezer Black
mine was very similar, but a fetching red and yellow. I'd never heard of a tube wringer before. The joys of a pain-free learning experience!
Returning to the Brunel Hobbies device, a matrix comprising a plate with wires soldered on at appropriate spacing, and a smooth burnishing tool would do the job very nicely, no need for machining, simple, effective. Probably a bit slow if you're doing square feet of the stuff, but for a shed or two...
best
Simon