I made this while server was up for like 15 minutes today and im at 34 smithing and 26 goldsmithing and i got .1 smithing skill up so that should give a better estimate of what it requires
The iron sheet and silver ignot is a dead give away that its min 20 smith and 20 gold. the sheep leatehr can be swallowed up no problem...dont even need high leather. (0) usually means they dont know the exact lvl.
Cost will depend upon your server -- when I priced it out, the cost to make one of these was about 12k on Siren. Given the recent inflation trend on some of the necessary items, my guess is that it is now closer to 15k.
I know it is more than 500g, but I bought it from the windy AH for 500g each.. it hadn't sold yet and it was the first time I saw the item, so I didn't know how much to bid. I wasn't expecting to be able to get it for 500g.. call me lucky ^^