Short answer,
NO, if the dye is an eco flo product.
Eco flo is water based, so, in a moist/damp/wet environment, it needs to be sealed against H2O. Carnuba is only water resistant, as is tankote & a host of other 'finishes'. An acrylic top coat is ok; my personal choice is neatlac or clearlac or saddlelac: I would rather go for a shiny finish than have someones' clothes ruined because of dye bleed. Certain things like Aussie & Pecards do quite a good job (haven't tried Snoseal, but that might work well, too), but they can leave a greasy/oily finish, that, until totally absorbed, can also bleed onto clothes. Stuff like that is better suited for motorcycle seats, boots & the like, primarily as a water proofing & conditioning agent. I did a sheridan finish on a purse once, using antique, neatsfoot & Aussie:I packed it away at the end of the season & when I took it out for the first show of the next year, it was covered with a great deal of oily/waxy residue (obviously too much neatsfoot & perhaps Aussie). By wrapping in paper towels & using a heat gun, I finally got most of the oil/Aussie to migrate into the paper towels. Just my experience: the key is to experiment & find what works, but just remember, if it's water based, it needs to be appropriately sealed, especially in damp environments.