A: It will work, possibly better than any other water-based inks on the market, but only to a degree.
In natural leathers, the enemy is the wax surface treatment. This viscosity of the ink will hold the ink in place after printing + during drying, but as wax is a) intrinsically mobile (i.e., not chemically bonded) & from this b) often used as a lubricant, obtaining a secure or permanent bond to the underlying substrate is impossible in fact waxes are often used as release agents.
In synthetic leathers, especially vinyls, the enemy is the plasticiser in the film. You may be able to get a great bond initially, but the plasticiser will migrate to the surface over time. If you are using something like a suede or microsuede, that’s a different story, as you can get bond onto the actual fibre, but any glossy leather (except perhaps patent leather), the above heavy qualification applies! However, with all the above said, many people do currently successfully use PERMAPRINT Premium Inks to print onto leather.