Ok.....here's a real cheezy way of doing it, but it does work (the proper punch, of course, is the proper way).
Go to your local hobby/hardware store, and buy a couple sticks of SS or brass tubing.......the hobby kind, not the fix-the-toilet kind. They're about a foot long each. Get the diameter that is just slightly larger than the diameter of the hole. Cut it into 2-3" sections, then, if it's an oblong hole (oval), take a pair of pliers and squish JUST THE END to the proper oblongedness (?)
Place the strap on a hard surface, put one end (or the squished end if that's the hole you want) of the tubing on the strap, and whack it with a small hammer. You MUST KEEP THE TUBING PERPENDICULAR to the surface! It'll take two or three whacks, but it WILL punch a perfect hole through leather. It's the whole physics tubing compression thing, kinda like a straw. You can bend a plain plastic straw with your little finger, but if compressed while perpendicular (straight up-and-down), it will support 20-30 pounds or more.
It also helps if you slightly file the punching end to a 45 degree angle........just taper the VERY end. It'll dull real quick, so you will only get about one hole per section. I used to own a race car fab shop, and used SPENT brass pistol cartridges to punch holes in gasket material for custom gaskets......makes a damn fine hole. .38 caliber for 3/8 bolts, .380 caliber for 1/4" holes, etc.
It'll cost 'ya all of 2 bucks and about 15 minutes to do. The secret is THIN-wall hobby-type tubing, not PIPE :shock: