Andy, I could be wrong, but I think thonging chisels punch slits whereas row punches make round holes. Either way, you're right, they don't cost an arm and a leg.
Sarge
Sarge is spot on as usual.:thumbup:

Tandy used to have several row punches, different size holes and amount of punches on one tool. The four hole punch is the handiest for the home craftsman.
The thronging chisels also come in several widths of the chisels as well as the amount of chisels on the tool. Seems like they came in 1/8" & 5/32" chisels again with the four chisels being the handiest.
It gets to difficult to get all the holes cut if they are too long.:grumpy: Almost forgot about the two different styles of thronging chisels in that one model cuts straight slits and another model cuts slits at an angle.
The chisel type punches were the very first ones and when done properly a really professional lacing job looks ten times better in the chisel cut slits than the holes made by the punches. But if you're going to lace with 1/8" lace you should really use at least a 5/32" thronging chisel. It also looks better with several splices as that saves the lace from getting roughed up by pulling it through so many slits.:thumbup:

The larger the hole or the wider the cut the easier it is to sew or lace. Lots of folks make life difficult for themselves by trying to put an 1/8" lace into a 1/8" hole whether it was punched or cut with a chisel.
Saddle stitch is your friend bro!!!
Lock stitch weak?? if is done right then I dont think it is any weaker than a saddle stitch..But that is my opinion.
gimme my 2 needles any day!
Leatherface just stop and think about the lockstitch for a moment.

The lockstitch basically has only one piece of thread in the hole. When you run the threaded needle into the hole and run the bottom thread into the loop the top thread makes and then pull it back halfway through the hole and start over again on the next stitch you have a single thread from the bottom and a single thread from the top looped together and hidden in the hole.
No way is that going to be stronger than the double needle or saddle stitch that has a thread passed through from the bottom and one passed through from the top thereby having two threads in the same hole.
Kerry is spot on when he said, "With double stitch, if one of the threads ever fails, the second stitch will hold." :thumbup:
For my sheaths I use a stitch layout wheel(6 holes per inch), pre-drill the layed out holes with a small drill press with a piece of wood underneath to back it up, double stitch two needle method. With double stitch, if one of the threads ever fails, the second stitch will hold.