I am looking at buying a 98 Formula with every option but leather. Where could a person find the correct leather for the 98 Formula?

Check these guys out, shoot them an email or call them. They are a very reputable company and they carry many different stock parts for our cars.

Seats:
http://tacreationsusa.com/cam_seats_inv.htm

Don't know about them because I emailed and called them regarding some honeycomb lights, but they never returned my messages. Try classicindustries.com.
You'll find everything from original floor reproduction pans to dash accessories. That's if money is not an issue and you want original factory stuff.

www.leatherseats.com
I got my custom seat covers from them but you could get regular ones as well. Great quality and service.

Thanks for all the info. guys. I'll be right on it.

barely off topic, but is the hole in the drivers seat common? i've seen a few trans and camaros with this prob

I checked out the sites you guys recomended and they are just what the doctor ordered. Thanks alot. As far as holes in drivers seats, alot of cars that have a lumbar support end up with holes in the left rear of the drivers seat. I don't know though if the F bodies have this feature. I know GM B body cars ( which I have been involved with for years now ) have the tear in the seat right where the power lumbar support hits it. Very common problem with them.

It you're talking about a tear in the side bolster, than yes it's a common problem due to wear from getting in and out of the car.