Well I found some time to entertain my idea. Besides messing up two stitches and overlooking cutting the hole for the peg, but in hindsight I couldn't choose between using another button or the peg. Only time will tell if I chose correctly. I'm pretty happy with the end result.
Dye: Red, diluted finished with resolene.
Thread: .6 tiger thread. Black.
Fastners: line 24 snap and a large stud.
Leather is 4/5oz.
I applied neatsfoot oil on the flesh side and then laid down beeswax and burnished away until I got a nice finish.
overall it took me around 3 hours total.