Will lacing and glue work ok?
Glue is not needed. As for lacing, if you look at current brand-name holster offerings, few if any are offered that are laced. However, I am sure some would-be holster makers are selling their wears on Ebay that are laced...and rivited. Rivets and lacing are the mark of cheap, poorly-made holsters, fit only for a boy's cap pistols.
Using proper tools and saddle stitching, one can make a quality holster that is strong and will compare with a brand-name, commercial product...but your first
one will not look that good.