Just wanted to update on my strap experience! I got my hands on a leather hole punch and punched one more hole (they're all 1" apart") in the strap. I was terrified to do it, but the bag is always flopping below my hip as I walk. I'm 5'0". I might need to put another hole or two to get it higher, but I can say that even that one inch made a big difference for where the bag rests and there is less flopping around because it's at the top/above hip.
Short woman bag lover problems.
How about the strap sticking out so much? I'm not talented enough to make an extra leather tie out of the swatch, but I read somewhere (I think extrapetite.com) to try a clear mini hair tie. Going to get some from Target this weekend and see how it works. At least with the clear tie, there's no harm in me messing it up

You all are so talented who made the leather strap yourselves! Putting the extra hole in the strap was enough to give me a panic ("I'm altering a bag, and I'm not a professional!!"), but it turned out helpful.