Hmmmm. OP did not specify an overall size so my first suggestion is the velcrolined LBX case... Great sale.
http://lbxtactical.lbtinc.com/0019blk
After this, I would suggest looking at Sneaky Bag/SERT or Hawkepacks as a tier of quality handbag sized options.
Tactical wise, I have been carrying a short 9mm AR as truck gun. That has three 33rd happy sticks and a few 22rd ITS mags to feed both the AR and a handgun. 10 pistol mags is a serious amount of ammo and a fair amount of weight banging around. It will take a solid bag. Look for something with or easily retrofitted to include a waist belt as you will have 10-15 pounds sliding around when you are in a hustle.
My experience is a flimsy bag is disaster to draw mags out of. IIRC I have seen that with the US peacekeeper M4 bag, which lacked the structure to stay steady when drawing, especially when prone or other ackward positions.
I would not recommend 5.11 to any one either than Vladimir Putin or the Kim family of North Korea, as it combines crappy shoot-me-first styling with sweat shop quality. Of course you pay an elevated MSRP for the pleasure. Look to more reputable makers at similar price points.
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