Working with leather only needs to be as complicated as you want it to be. You can go deep, and get involved in stitching ponies, floral stamps, and swivel knives, or you can keep things simple with straightforward shapes and basic tools.
This how-to from Fairgoods shows you how to create a sharp, classic leather bag or luggage tag, which beats the pants off that plastic-y job your suitcase came with. Or, you can get creative and make tags for anything you like... like your whiskey decanter ;)
If you want to take this up a notch, you can stain or dye the leather, or just ink the embossed recessed so the letters will stand out a little more.
See how its done (plus a bonus project) at the Fairgoods blog - Father’s Day DIY: Embossed leather tag and tie clip