@RyanM It kind of sounds like you are getting hung up on the nominal dimensions vs. the toleranced dimensions shown on the print. Like others have said, you always model to the desired value (7 places...) but then you detail to the expected manufacturing tolerance. If that is 1/16th of an inch, then that's what you round to. I imagine your structural steel guys are measuring their cuts with a tape measure and accuracy less than 1/16th is a "pie in the sky" wish.
Ken Production: SE 2019 MP8, Testing: SE 2020 http://Grundey.blogspot.com
Ken you are correct. They are taking the hole punch out into the field (in some cases) and then putting in the holes based on measuring tape. Like I mentioned just wondering what people are actually doing for model geometry.
If you were to ask this question on a Autodesk forum I'm sure we would get a different answer. ;-)
I actually display 3 digits unless the dimension comes out to a 1/16" fraction of some kind. Then I display fractions. The tape measures are in 1/16 or 1/32. However, most machines allow you to enter 3 digits. Like a punch, folder, etc....
So every dimension, you have to think about how and who is going to use it.