oK, then my measurement on the beads might be off. I took all my measurments off of the stand up. The square should be 2 inches tall.
When I get home, I will scan the thicknesses in oz. by the tandy catalog. I think 1-1/2 oz lace is actually closer to 1/32" thickness. The width should be around 1/4" or a little less. I know the slots are 1/4" tall. So lace could be 3/16" wide...
When I took the caliper width. approximately .12 of an inch is what I got for the thickness of the leather on the cut out. 1/8" is .125 of an inch. So, when I measured the thickness of my 4 oz. leather, I got .11 of an inch. That's where I came up with my measurements. Mebbe 5-6 oz? I gotta check the tandy measurements on the oz.= thickness thing again.

EDIT***
Ok, for some reason whoever measured and put the tag on my holster leather at the tandy store marked it as 4-5 oz, when really it is closer to 7-8 oz. Both my holster leather and skirt leather measure around .11 of an inch. So, I guess it's a good thing that I was tricked? Actually, no wonder my skirt lace didn't fit the hole the first time. UGH!!!! Ok I am massively messed up. So, Yeah, skirt leather is 7-8 oz. Sorry yall. I am really perturbed, I cut all that lace cause something was mislabeled. Grrr...
Well my 1 oz leather (for the lace) is .045 of an inch. If that helps any. 1/32" =.03125" and 1/16" equals.0625" so it will fit the holes I punched out just fine. Good! then my skirt leather isn't wrong. whew! And the hole puncher and all the work i did is totally correct on the skirt.
<font color="#FF00CC">Final word= skirt leather for squares is 1/8" or 7-8 oz. leather. FORGET what I said earlier. Moncal thanks for correcting us.