Old thread, but now that I've had the holster you mentioned for awhile, maybe I can answer the questions.
The FA strong side high-ride holster for the 4.25" 97 is a decent piece of gear. Where most custom holsters are pouches that contact the handgun along its length, this one is more of a rigid molded cup that is not closely "boned." Without the strap in place, a summersault would likely result in a dumped gun. As I don't do those or ride horses or bikes, the strap on mine is threaded through the top of the aft belt slot to keep it riding as butt-forward as possible. It's cut to accomodate a 1.75" or wider belt, and flops around on my 1.5" belts otherwise. Restitching the forward belt loop would require cutting and re-stitching the main seams, and the existing aft belt slot is pretty much not fixable.
The leather is thin, but as mentioned, rigid. Stitching quality is OK for a production holster, and the mold used creates a fine full-length channel for the ejector button (something other "custom" makers can't seem to get right).
Your front sight will ride the leather. But because it's rigid, you just draw pushing the butt forward to reduce the drag and wear. (And there's always cold blue for when the corners do shine up.)
I bought the holster to be able to carry my 97 until a Barranti holster gets to me this fall. It's a usable temporary solution, though it isn't a match to the quality of Freedom Arms revolvers. BUT I also didn't have the typical long, long wait for the kind of holster I really prefer.
Don