Thanks for the feedback Michaelson and Indiana Jeff!
Here is an update on the restoration:
I first started with a few coats of Mink oil. Then I picked up some 100% neatsfoot oil tonight at a tack shop called Lammle's, which also sells Lexol (cleaner and conditioner, although it is called Lexol Equine; a topic for another thread, which I am currently trying on my Wested Raiders that I put through the wash a few days ago).
After one coat of neatsfoot I can see a big difference. The manager of the store suggested I heat the oil up to open the pores of the leather. I think the heat also helped to spread it across the leather and reach all the the wrinkled areas.
I used a double stitch method for repairing the handle, from the tips in this video on Youtube:
https://youtu.be/iqCx-5tLJGg" onclick="window.open(this.href);return false; . I also picked up some Shoe-Gloo, and a leather wallet which matches the leather, in which I intend to repair some of the larger rips, by putting some new leather behind the rips and gluing.
I am hoping to use this bag as a carry on next week for a trip to California.
Cheers,
Curtis