@Coloradoguy I recommend buying a second blade for your splitter, then you got a blade that can be sent out to be sharpened & you won't be without a splitter blade while 1 is being sharpened.
I think your blade is not quite sharp enough. Plus if the blade is dull & you are taking a big bite/cut you are actually stretching the belt some & resulting thinner/thicker cuts on the sides of the belt.
That looks great. I need to make 1 similar, been thinking about buying me a Buck 112 automatic.
I might do a bit of wet molding on that sheath/sleeve if I do end up with a Buck 112 auto.
I would remove old ripped piece or not, then sew a piece of leather folded around the front & back, then use a oblong punch & punch a slot in it.
Then I would sew around the oblong hole you punched thru it to reinforce it all.