I think that this technique makes an excellant handle for a bushcraft knife. The best sword I ever had for reenactment medieval combat has a handle like this (blunt blade for full contact swordplay). Every other sword i have (more than a few) fails at the grip. Plain wood slips around in the hand, glued on leather wrapping comes of and wire binding can really chafe.
The guy that made my sword (Tim Noyes) doesnt mess around and takes a straightforward construction approach. He starts with a well fitting quillion or bolser of metal. Then unshaped rectangles of leather with a round hole punched in the centre are hammered down the tang. He has a simple piece of 20mm x 40mm softwood with a hole (larger than the tang) with which he batters the leather pieces down. No glue of perparation he just belts them down one on top of the next. then a pommel or butt plate of some style (steel usually) at the end. the tang is then peened over to compress the whole show. He then shapes the leather with any combination of power file, carving knife, bench grinder, angle grinder whatever till hes happy with the shape. He wets the leather and dyes it a shade and rubs a finish up on the wet leather with stiff cloth etc. Once the leather is compressed by peening the butt cap it works pretty much like wood so files and sandpaper will work fine. I think its possibly quicker to work down the finished handle that to attempt to pre shape the pieces. It will give you the very best grip in wet, sweaty or slimy situations that any fancy burl wood or mica knife that you spend a fortune on.
Good Luck
Nick