@ camano
As for the whole punchers, I think I might just try the loose ones first, then maybe get a pair of rotary ones somewhere down the line. I don't expect to be making any projects for a while that are physically that large anyways. I honestly really like the idea of the overstitch wheel, especially for beginner. I was learning towards getting one anyways, and I'm glad to hear it's viable. And yeah, I would think anything with replaceable blades would be pretty necessary. I would think cutting leather dulls blades fast. I think I've decided to not go with a rotary knife, at least for now.
@ zuludog
I know there are a lot of other threads on this, and I've read a lot of them. They all sort of say slightly different things about what you need, I guess relative to the experiences of the people who are replying. Hence I just made my own list as a starting point, instead of asking what I need without that starting point. Anyways, you have some very helpful specifics here, and I really appreciate that. I'll use it as a reference when I'm making my purchases. That idea of a second knife is smart as well, luckily I've got a few others lying around.
Thanks to both of you for your input, I appreciate it!