I applied it with a soft polishing cloth that you get from cobbler shops. It doesn't feel mushy as Tom said it might, but perhaps I should bury it in corn starch or something like he said. Maybe I did over oil but it's not mushy, but I understand what you guys are saying about waiting enough for it to even/level/spread out. I know Fiebing's Resolene is good but I'm annoyed at myself and would hate to just conceal all this excess dye with the topcoat that probably won't even adhere well to the grain but rather the excess dye.
Is it right to think then that over oiling causes a deep saturation that ends up penetrating under the dye and then pushes the dye out of the belt? Nothing is really trivial with this stuff. I'm fascinated by all of it, despite my mistakes.
So, to conclude, would the course of action to remedy this be burying it in cornstarch and then hopefully buffing out excess dye and then top coating it? Or will the burying cause the leather to be dry once again and require a light coat of oil?