I would agree with Chris as far as price goes. For the price of a basic leather wrap and even more exotic wraps, it is really a fairly cheap investment.
Altho, there is some vinyl that imitates leather quite well, it is better suited for cheap cue cases.
For the most part, that thin and it would be very pliable and probably hard to work with.
Labor cost, a cue repairman or maker would charge you the same price for an instal so you wouldn't be getting away with anything there.