Pretty neat. I think this is a great idea. If I may make one small suggestion. While the heavy leather lacing is OK, I think this project would work much better with thinner material. On my saddle bags I use a stitching chisel/punch and waxed nylon thread, actually cord. You can get a much tighter stitch and don't have big holes from a hole punch. Also, check out the stitch known as the baseball stitch.
Nice idea.