The picture is actually a test piece. I started by trying to get the color right and I realised I was skipping a step.
I do have an airbrush that I can use for dying the main bag. I'll dig it out and test settings to get decent coverage.
So, if I'm understanding correctly, after the cleaning steps:
Dye, Mink Oil, Wax?
Or Mink Oil, Dye, Wax?
Letting the whole thing rest in between thin coats for at least a day each. I know that my combo of stuff may/may not be the perfect recipe but it's what I'm most familiar with and what I have on hand.