Making a leather name keychain is a super simple project when you have a cutting machine like a Cricut or Silhouette. Even if you do not you can cut out the basic shape for the leather keychain by hand and follow the remaining steps to make the keychain. As an alternative to using vinyl for the letters, you could use a paint marker to draw out the names that you would like to have on your keychains.
Once you make one of these it is super simple to make a bunch of them for gifts for friends and family.
See the tutorial here.