Well true rum Punch should hold to the rhyme...
1 of sour (Lime)
2 of Sweet( Simple syrup)
3 of Strong ( OP Rum)
4 of weak (orange or Pineapple juice, or passion juice...or soda etc...whatever your tastes are)

dash of Agnostura bitters
dash or two of Grenadine for color
pinch of nutmeg
Lots of Ice

Of course I am not always the traditionalist ...and I love my Rum

I change the first two around since I do not like sweet drinks
1 of Sweet ( I use Demerara Sugar for the syrup)
2 of Sour...LIMES
3 of Strong ....1/2 OP and 1/2 El Dorado 12 or 15 year
4 of weak...some club soda with a splash of Ting or Ginger beer

dash of Agnostura bitters
pinch of nutmeg
A couple cubes of ice...

CHEERS