The leatther I started with is pretty lightweight elk skin. This was made from a small scrap of it, and fits a "knife" I made by remounting a blade from a broken el-cheapo buck clone. The knife isn't much, but I feel better with it in a sheath.
The leather is much less brittle than I expected, still retaining some pliability. I doubt it is very breathable. I think that done better it would make a very good sheath.
I tried this to try it. I did not use a thermometer on the wax, but melted a small slab of candle wax in a shallow pan, then removed it from the heat. The edges were beginning to re-solidify when I placed the leather in. I was very surprised at the relatively violent reaction. The leather came out at a temp. low enough for me to work with by hand.
This isn't something I am proud of as craft, just an experiment. I was looking for how much shrinkage to expect, how brittle it would be, etc. I've encountered the technique primarily in making armor.
Thank you both for the feedback.