Chris,
I would suggest that if this is for commercial use you go to an engraver who is very used to making exactly what you need, you will end up with crisp lettering from someone who is fully versed in the requirements to make stamps.
You might find someone with a cnc mill who can do the job, but engraving cutters are a little different and are usualy run at very high speed to produce smooth sided letters. Many signmakers offer engraving services.
A low power laser will not cut metal but they are in common use to make rubber stamps. Etching is fine for a foil but deeper etches undercut. Lasers will directly mark leather, I have engraved images and lettering into leather for many people, that's the delux option.
Regards,
Billy