I think maybe Constabulary is right. I've been going down the "What do I need to buy to be like the other guys" road instead of the "What really makes sense for what I do" road.
So getting back to reality, I ordered a Cowboy Outlaw today from Mr. Kovar. It should allow me to stitch smaller items like tool covers and axe and knife sheaths, but on rare occasion to comfortably, although slowly, neatly stitch up to 1/2" or more of leather. I found that when shopping for late model powered machines with more than 3/8" capability, the number of candidates left standing plummeted, and their names changed from "Light to Medium duty" to "Medium to Heavy Duty", with prices becoming heavy duty, too. At my leatherworking skill level and especially considering my age (nearing 80), I think a nice safe comfortable working pace using a manual machine makes much more sense for what I do. The field immediately came down to Tippmann Boss or Cowboy Outlaw, and after studying currently available models, the scales were clearly tipped toward the Cowboy Outlaw due to its wider throat, much heavier cast iron frame vs aluminum, heat treated carbon steel internal parts, and a general overall look of solid quality. Toledo Industrial Sewing Machine's reputation for quality and customer support didn't hurt, either. Of course it will be much slower to use than a powered machine, but that kind of suits me, since I'm older and slower these days too. I'm sure it will be much faster and easier on my hands than hand punching and stitching, and there's no doubt the end product will look better. Heck, I might even have a fighting chance to fix the Outlaw if it breaks, or to at least keep it properly adjusted without expert help. If I'm honest, I suppose I am also just a little intimidated by the speed, mechanical complexity, and maintenance requirements of modern industrial sewing machines. Anyway, thanks to all for the helpful advice during the search. Can't wait to get my hands on this thing.
P.S. I also dislike the look of skinny thread on sheaths, and this Outlaw is built to run 277 and up!