Hello there!  I'm a bit of a lurker on this site, but this is my first post.  I would call myself more of a "crafter" than a leatherworker of any sort.  I have a bit of experience tooling and sewing leather, as well as dyeing raw leather, but I could use some help with a new project. 
I realize there are a ton of variables here and am having a hard time deciding how to proceed, so I wanted to get opinions from those of you who care to share them =) 
I purchased an expensive pair of knee-high riding boots for an inexpensive price.  The color "natural" turned out to be a hideous light peachy color instead of the naturally tanned color I was expecting.  The price was good enough for the quality of the boot that I'm willing to use them as an opportunity to experiment and hopefully end up with a unique pair of boots. 
The color right now is very, very light in hue, but appears to have a pretty heavy coat of dye.  I plan to strip this as much as possible with a deglazer/preparer.  Then, coat with a light coat of oil (olive, most likely, since I have plenty on hand.  Also have coconut and mink).  This is where I start to have questions: 
1.  What is the feasibility of developing a natural sun tan at this point since the leather's been treated so much? 
2.  If natural tanning is not a possibility, what is the best way to achieve a similar color to a natural tan?  I'm thinking of using a spirit dye in a light tan, with a high ratio of denatured alcohol to thin.  Any suggestions on specific colors with specific brands?  I have a Tandy near me. 
3.  How should I seal and finish these using options #1 or #2?  I live in a damp climate and while I wouldn't be using them as rain boots, they would likely become at least a little damp/wet on a regular basis. 
Again, I realize there are multitudes of variables in a project like this, and I'm willing to accept that risk.  Just wanted some opinions on how you would personally attack this project. 
Thanks in advance!