Sorry to be starting a thread about this, but I can't find where Ms Glass and I had a conversation about leather edging. She kindly pointed me towards a nylon wheel with a groove in the edge. You can stick a 1/4" bolt through the hole in the middle, run a nut down on it, chuck it into a drill and spin it on the edge of your piece (after anointing with beeswax) and produce a nice burnished edge.
Only problem is that they only seem to make one size of this item (about 1/4"), so if your leather is thicker or doubled you're SOL. However, my wife, The Lovely Mrs Freefall, said "Looks like a pulley wheel." Voilas! Went to AIH, bought 3 pulleys of different width- 5/16, 3/8, and 1/2. Removed the pins, stuck appropriate screws and nuts through the center, working great. Spent about $10 on all the crapola, but I'm very happy with the outcome. If I wasn't such a techno-tard I'd post pics. Someday I'll get my neighbor kid to take me by my little hand and do it.
Anyways, hope this helps somebody, and thanks again Glass!