From a limited amount of both leather work, and bookbinding I have done. You will require a large number of new job specific tools, for each trade. Depending on what type of binding you want to do. For journals I don't think that you could recover the cost for the time, and materials and tools that it would require.
I'm sure that some time spent searching the net you can find a whole sale source for the "leatherbound" journals, it is in qoutes because the cost just went up. Mostly if they are handbound. Also do a search on hand binding books to get an idea. Of the work and costs involved, the recycled paper is a nice "green idea". But getting the paper white, with recycled materials, may be problematic with out the use of some bleaching chemicals. Most of the recycled paper that I have seen for sale is an off white, of one shade or another!
leather bound recycled paper journals
on google 559,000 hits. Your choice of paper types,bindings and leathers. Imports and US made.
As to lasering the leather, other than the smell of burning animal flesh. The thickness, type and the way it was treated(tanned,processed) the smoke/fumes may be of a toxic nature.
The sewn signatures are of a number of styles and types the better quality will cost more.
:clown: