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I've seen the ACP approach work on soft metals but when I tried it on mild steel it wasn't so good, as you say.
Masking tape with guidelines drawn on it sometimes helps with alignment, if only to reduce the tendency for the stamp to skate around, though I'm guessing that won't be a problem on leather.
MrE
JurekB
I definitely second the bit about lining up the characters being a challenge - it's a frikkin' nightmare. Achieving an even depth is easier - at least it is if you are stamping aluminium.
I punch a dimple into the blunt end of the stamp. Then, using an automatic centre punch, place the pointy end of the automatic centre punch into the dimple, and it isn't difficult to achieve a consistent depth of punch. Not sure that an ACP has enough grunt in the spring to achieve the same on steel.