Boltaron curls up like a damn burrito in my oven. When you go to mold the stuff in your press, it wants to curl up under itself, and you have to straighten it out. Doesn't always mold flat, and by time you get the curl out and get things lined up, the material has cooled off and hardened considerably. Sometimes, depending on the size of your piece of boltaron, it will curl up, and roll over in your oven, burning and making shiny spots on the finished side.
Kydex stays hot and flat, and is infinitely easier to work with.
I've tried the .060 stuff. Its too flimsy, and it is almost too good when it comes to "printing" things into the mold. It will show a speck of dirt, any weird inconsistencies in tape etc. You have to press your standard eyelets a bit too far down, and risk cracking them.
I tried .080 for awhile, because I had trouble locating eyelets that were long enough for my standard .093. I seemed to have alot of inconsistencies with eyelet length, even with the eyelets I normally bought. They were most always too short, and my dies would bottom out on the material without flaring them down all the way. I'd have to get creative and carefully press or hammer them flat against the sheath with different tools. Tracy Mickley's S-61 Siska eyelets are the best for .080 and .093 kydex/boltaron I've found. (when they're in stock!)
.080 kydex looks great, but a bit too thin. I have some issues with the knife having wiggle room sometimes too. It's too inconsistent with me.
.093 kydex doesn't show the detail that the thinner material does, but I think it's more solid. That thickness of material seems to want to grip around the knife alot better for some reason. It doesn't budge or wiggle, but still inserts and retracts nicely. I've made a few sheaths lately that didn't need eyelets at all, they were so tight and heavy.
The only problem with the .125 material would be the eyelets. The S-61 eyelets are just long enough to barely flare properly on .093 material. Tracy sells an S-66 eyelet that's pretty long, but may be too long and split on you.
I'd say try it out, but the eyelets are going to be your issue IMO.
Edit - The material may be thick and springy enough that you may not even need eyelets. I think the weight and heft of the material will keep it together tightly, and maybe some chamfered holes may be all thats needed for belt loops/tek-lok etc.