Around here you get trappers in belt sheaths or a lot of modern locking folders.
If I was staying traditional, but wanted a good, hard working knife and keeping the price down. I'd probably out them with Moras clippers (though the sheath retention might need some boosting under bouncing conditions) for a fixed blade and I'd outfit them with the new Colt carbon steel trapper with coated blades and G10 scales then let them figure out if they want to belt or pocket carry it. I'd suggest a nice belt sheath.
It may not be made here, but my experience so far is that the carbon steel blades do just what good carbon steel blades do. They sharpen up to a crisp edge, hang on to that edge, and strop up and sharpen back up with any number of methods. I got mine for $14. I'm sure you could get a good deal on a batch of them.
Trappers make good sense for the same reason a lot of folks like them. You have one full sized blade for general use and another full sized blade you can keep for finer cutting and/or food. Peeling apples, cutting dried sausage, or whatever. The spey blade also makes a good scoop and slather blade for guac, sour cream, mayo, etc..
What will these cowboys actually be doing? Are we talking old school roping and riding? Or more opening feed bags and cutting twine and rope? Maybe some quick leather repairs or shaving a wood peg to hold something for a bit?
For that matter, a Rough Rider Elephant Toenail in a watch pocket, or in a small pouch is a surprisingly effective cutter. Properly sharpened that big blade press cuts through cordage and all number of things. The frame is large enough to get fill the hand well, yet flat enough to not bulge. The jigged bone scales give a good grip, but there is also a yellow handle version if you want to be able to see it easy if you drop it. However, those big, shiny bolsters will probably glint enough. You should be able to buy a batch of them for not much money.
Practically? A good drop point fixed blade with a 3-4 inch blade length in decent steel with proper heat treat and in a sheath that offers good retention would be an ideal for general issue. Then let them pick their own folders.