The actual phrase "guts for garters" dates back at least to the early 19th century, and the idea of threatening someone that you will make garters out of their guts, is recorded even further back: "Ile make garters of they guttes, Thou villaine" (Robert Greene's The Scottish Historie of James the Fourth, circa 1592).
https://www.phrases.org.uk/meanings/...r-garters.html