No reason why not, as far as I can tell. You just adjust the price accordingly for the rare material in question. Also, you sure this shouldn't be over in the Rules forum?
Since it says you can make Hide, you should be able to make a Hide Shirt, which is light armor.
The difference in Hide and Leather seems to be that Hide implies thicker, stiffer material (elephant skin as opposed to normal leather). So making "Leather" armor from Dragonhide would just result in Hide armor.
There used to be rules in 3.5 on how much and what type of armor could be made from dragons based off their size. Unfortunately I don't remember where you could find them...
A classic status symbol for adventurers, dragonhide armor is coveted for its toughness. Armorsmiths can work with the hides of dragons to produce armor or shields of masterwork quality.
One dragon produces enough hide for a single suit of masterwork hide armor for a creature one size category smaller than the dragon. By selecting only choice scales and bits of hide, an armorsmith can produce one suit of masterwork banded mail for a creature two sizes smaller, one suit of masterwork half-plate for a creature three sizes smaller, or one masterwork breastplate or suit of full plate for a creature four sizes smaller. In each case, enough hide is available to produce a light or heavy masterwork shield in addition to the armor, provided that the dragon is Large or larger. If the dragonhide comes from a dragon that had immunity to an energy type, the armor is also immune to that energy type, although this does not confer any protection to the wearer.
Because dragonhide armor isn't made of metal, druids can wear it without penalty.
Though smiths have been making dragonhide armor for centuries without the benefit of dragoncrafting, those with the Dragoncrafting feat are able to improve upon an already excellent product.
Normally, if a suit of dragonhide armor has energy immunity, one may enhance such a suit with additional energy protection for the wearer at a 25% reduced cost. However, only effects with the same elemental type as the armor's immunity are eligible for this discount. An artisan with the Dragoncrafting feat may add 1 additional elemental protection to a suit of dragonhide armor at the same 25% discount, even if this energy resistance is not normally associated with the type of dragonhide being used.
Bolded the relevant paragraph.
RAW, you technically can't, as there is no such thing as Dragonhide Leather Armor or Studded Leather allowable in the book.
RAI, there's no reason why a lighter armor wouldn't at the very least follow the same rules guideline for making Hide Armor, a Medium Armor using leather-like components, if not follow the same guidelines involved for making a Dragonhide Shield. Just adjust the price accordingly (a Dragonhide Leather Armor would be valued at 320 GP).