Shane, I use a Landis Mod. 30 hand crank 6" capacity splitter right now, but I have A motorized Cobra Class 14 (14" capacity) headed this way from California as I type this. As far as a couple of hundred dollars, well.......... a used Landis 30 will sell for about $800 to $1000 IF you can even find one for sale, and the Cobra is $2250 plus freight. I do a pretty good unit volume and get pretty consistent use out of my splitter so the expense isn't quite as important or painful.
Using my split method for inlays, etc. can be accomplished without a splitter, but you have to stock 2/3 oz leather and ideally some 6/7 oz. Make the front piece which will have the window cut out for the inlay out of 2/3 and back it with the 6/7, or if you are not lining the sheath, back it 7/8. Block cut the 2/3 and when the inlay is set, glue up to the heavier leather and cut the exact pattern thorough all the layers. (Nice even sharp edges that way).
You can give me a call anytime, identify yourself , and then we'll answer questions until you get tired.

Number is below in my sig line.
edit to add: You can get pull through splitters many places at the $400 to $600 range, but I personally have never been able to get along with that type. I ruined way too much leather and never got reliable results. I'm sure others like them and get along with them just fine......but not me!
Paul