Just following up to share my experiment with this. It basically just confirms what others have already said or shown, but here it is for posterity:
Yesterday I engraved this little bee design on to a scrap of 5/6 oz proofgrade. I tried to follow along the engrave line with a bevel stamp, but my first attempt (right side) nearly sliced it clean through with just a couple of taps. I took it a little easier on the left side, but even so, the effect was more like a cut or a slice than a traditional tooled texture:
Based on this, I’m thinking that the engrave/tool concept is a no-go. I suppose if you really wanted to futz with it, you could find a way to make something work … but to my logic, it’s more effort than it’s worth for potentially iffy results. For those who already have some leather tooling skill, it’s going to be quicker (and probably more attractive) to just go the traditional route. For those with no tooling skills, no worries - the engrave feature creates beautiful and detailed results.
Based on my minimal attempt here, I’d look at engraving and tooling as two completely separate design styles. Personally, I’m fine with keeping them that way. I hope that this info doesn’t discourage any of the leatherworkers out there. While the 
may not expedite or enhance your tooling, it will definitely make cutting and punching a lot easier!