Thanks all.
Some good points to consider!
I've been looking at stitching chisels and know that's the easier route for a beginner, however I figured I'd also need to know how to do it by hand in some cases; hence the decision to buy a decent awl. I've got my eye on a cheaper set of chisels from ebay, and maybe a couple of Seiwa chisels once I figure out my size requirements.
I'm pretty close to a Tandy store, so I'll skip out at lunch one day this week and check out the Craftool awl. While I prefer the idea of a replaceable blade, the $30 price tag is certainly more appealing than the $75 version, especially since this is just the beginning of a hobby I may or may not keep...
I've got plenty of wood working tools on hand, and have a plan to put a stitching pony together this weekend. On that same note, I'd turn my own haft, but I have no idea what a good stitching awl should feel like in the hand (what features it should have, size, balance, etc). That's why I figured I'd start with a pro model and then make my own if or when I needed another.
To your points Ornito and YinTx, I know this isn't going to be an easy ride. Most things worth doing well take a lot of time, practice, and patience. I have one out of those three on any given day; hopefully I'll be able to muster the other two from time to time and learn how to make some nice looking stitches