I replace the elastic with a red velcro tie I buy at the box store, their 1/2 in wide by about 4" long. You may need to enlarge the hole to get in thru. If you put the fuzzy side to the inside it it will is soft on your skin and also it adjustable. The tie has a large end with a slot. I cut this end off and just feed it around.
Very simple to use, When your finished you have the best tab available.
Also so if you order direct from Bateman you can ask for different thickness of leather.