I would love to have a cowboy cb3200, but it's too big to work gracefully on thinner projects like wallets. From the specs page it says the needle system is 7x3 or 794. These are very long needles, and you cannot buy thin needles in this system that have a leather point. Furthermore, when you run a thin needle with that length, they are prone to bending.
Note
@Wizcrafts does suggest the cb3200 in his blog on dumbing down a 441.
But in general, for stitching thin to medium materials (1/8" to 1/2" total) I recommend getting a machine that takes the most common needle size, 135x16. Only in part because the needles are easy to come by in different sizes and tip shapes, but largely because the 135x16 is short enough that it does not bend easily like the system 190 or especially the system 7x3 / 7x4 / 794.
Here is a photo to show the two needle systems. On top is a system 7x3, size 180Nm. On bottom is a system 135x17, size 135Nm.
By the way:
135x16 is the leather-point version of the 135x17
7x4 aka 794 is the leather-point version of the 7x3