So many questions....
OK: Tom: Yes, as Buck 1st hinted, there is more than just the knife and sheath. We have not even addressed spacers. Byrdguy touched on the blade choil and top "reverse grip" cutout being old style also. BUT (I know) there is more to the story. IMO just what ya'll have seen would justify a higher price then a current knife & sheath. 30 years of vintage, for one thing.
Rod: The sheaths are not "loose-stitched". Johnny did "not" make these sheaths on his Dad's (Maurice's) sewing machine. The second machine that they leased was a "different" machine. The length of the stitching, as well as it's pattern are totally different than Maurice's machine. Johnny definitely used the old machine, from time to time, that much is clear. Your photo shows 2 totally seperate and individual machines. The "long-stitching" of the second and third sheaths are the newer machine.
Greg Gutcher has told me that the longer stitching makes for a stronger sheath. I shall not question Greg's expertise in sheath making. I think what Greg was saying is that the ""tighter" sheaths can (I repeat "CAN") have a tendency to punch the leather holes too close together, therefore not giving the leather as much strength between the stitches.
*NOTE: "Tight" stiitching does not refer to anything having to do with "tension" on the thread...but rather with the "spacing" of it. Look closely at Rod's or my examples and you will see the spacing...tight (as in closer together in spacing) verses long (stitches spread farther apart).
Hope this helps to clear this up.
Capt. Chris