This items correct level is:
Smithing(78) Leathercraft(45)
Sub cap confirmed using the: -16(level is to low)-> free support -> -15(synth w/crit)
luckily i was smart enough to figure out a great many sub craft caps for smithing as i leveled each sub craft. Although this was extremely expensive in lost/crit synths having them has been invaluable to my crafting @ 100.