The lace making tool from Tandy is pretty good (
http://www.tandyleather.eu/en-gbp/home/department/tools/knives-cutters-splitters/3784-00.aspx) - provided that you use the right leather. Results for thin 'floppy' leather (like sheepskin) can be a bit variable but Dreadhead Hide
(goat - which was a bit stiffer) wasn't too bad, and it won't take anything above about 3mm thick. Although it's possible to strop the small (removable) blades by holding them in a pair of needle nose pliers, it's worth getting some spares, as I've heard that the supplied blades aren't always that sharp. The blades can also be used in the safety beveller.
It has four slots, and two positions for the blade, so you can get 8 different widths.
Alternatively, the wooden strap cutter can do lace, though again I haven't had brilliant results for thin floppy stuff.
Certainly a useful thing to have for using up small scraps of leather. I've used it to make drawstrings for leather bags, and for tying up things like sets of drinks coasters.
A quick calculation on LePrevo's lace prices suggests that home made lace (from a hide) is perhaps 1/3 the price of bought lace.
Geoff