I do exactly the same here without shrinking. If there is any, it's just very minimal and not at all noticeable. I also put it in dryer from time to time to pre-dry (low heat for about 5 to 10 minutes).
I would vote for Venetian with a slightly pointy toe. That Epaulet special leather sounds like it would fit for both dress up and down, especially it'll be in a brownish color. Are you planning on this being handsewn or?