Dick The last shot is really good. I would not point both lights directly at the subject. For a piece like that I would like to see one light pointed directly at it. Your lights are relatively small and will produce a nice shadow showing the piercing. I would then bounce the light off the foam core on the left to fill in the shadow so it's not so dark.
2 lights direct will usually produce 2 shadows. That's disturbing because we only have one sun so we are used to just one shadow. I think you had so much light bouncing off your foam core that you've lost the shadow. It's not a bad photo but the piece is kind of flat looking.
I would start with on light only. No foam core. Place it off to the right and up. Watch the shadows created by your holes and move the light around until they are placed nicely. The move the left panel in and angle it so the main light bounce off of it and hits the subject. That may be all you need. The right hand side of the object might be a little dark but it depends on where you end up putting the first light. If so must move the right hand foam core into place. until the shadows on the right are about right.
If for some reason the foam core on the left doesn't fill the shadows in enough move it away and bounce the other light off of it. You want this panel to illuminate that side not the light so place the light accordingly. That's the main reason I use translucent panels. You can add the panel, if it's not enough it's really easy to just add more light to the outside of the panel. You can then move that light closer to the panel for more light of further away (or aim it less directly at the panel) until you have reduced the light as much as you want.