Holsters. There's that magic word again. Not much can be added to Wiz's reply as it pertains to wallets, which is what you asked. If, however, you also want to sew holsters then that's an entirely different ball-game, as you Yanks say. If you're only talking about pancake-style holsters, IWB/OWB then the 3200 should probably suffice, but if you're considering heavier Western-style holsters then you'll really need something bigger (usually a 441 clone). You'll probably cause yourself a lot of grief if you want to sew thin wallets on these two machines.
The simple fact is there is NO one sewing machine that can do it all (unfortunately). You could say it's akin to the Holy Grail for leatherworkers.