I've cut targets out of mud flaps, bondo spreaders and leather, all with great results. The leather should be fairly thick or folded over and glued, you can use wood glue if you don't have leather glue. For smaller targets paracord knots like a section of cobra braid are nearly indestructible. You can also take a bottle cap and lay a string in it then fill it with hot glue and you have a very tough target, after you remove the bottle cap.
Hope I gave you an idea or two
Hope I gave you an idea or two