the waxed thread is just that, waxed thread.
Remo, you may be thinking of artificial sinew, which is also a waxed thread but stronger. its what I use when sewing heavys.
yeah, hole size could be smaller, but its ok.
for those pouches, you should space the holes a little closer. I use a drawing compass or wing divider to get my spacing even.
invest is some gum tragananth and an edge slicker. helps those jagged cut edges look better.
it may help to sew the velcro on the closure, sometimes glue isnt enough when you have all that pulling.
overall, a great job for a first time.
you going to dye it?