Someone recently posted some pics of their own work, tek-lok compatible. If the leather is stiff enough, and you used metal grommets, I don't see why it wouldn't work as long as you were more aware of the long-term properties of leather when designing it.
I don't know if they still offer it or not but the Graham Brothers were offering that on a couple of their larger knifes. As mentioned, use stiff leather and it should work just fine.
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