I have used a wing divider, chisels, awls, and a tiny drill in my dremel tool. The key is practice, being very careful to keep what ever you use, straight and even, at 90 degrees to the leather. I have a L shape piece of metal, that I will sometimes hold up against my awl to make sure it is properly positioned. thick leather I usually drill the holes.
As far as smooth edges. I really like the slicker that attaches to my dremel tool.Also, dye your edges before you slick them
If I use edge kote, I will thin it down for a couple of coats, I think that it absorbs better into the edges.