The damaged web strap on the left - torn clean through. Seeing some fraying on the other strap and suspecting it was rotted as well, I removed it also. Holding the intact strap between my fingers and pressing the middle caused it to tear very easily, so out it went ( but don't throw it away yet! ).
Looking at the back, you can see how the webbing was folded over before stitching to the bag.
Unfolded, the strap is exactly the same width as the webbing on the original neck strap that came with the bag. You can use the original strap to make new ring holders, or pick up new webbing in the appropriate color. Be sure to check for dry rot in the original strap if you decide to use it. Mine was as tough as steel when I tried to tear and twist it apart, so all's good.
Cut a new section of webbing the same size as the unfolded original ( I cut mine just a hair longer for safety's sake ). Fold the material at an angle on the sides and the end over the ring, then clamp the sides with a pair of clothspins - fold and clamp the bottom edge as well ( check to make sure the dimensions match the original straps before proceeding. Next, sew small tack lines along the four folded edges. This keeps everthing in alignment before attaching to the bag, as well as holding the ring in place.
The completed web strap, tack-sewn and ready to go on the bag.
Success!! After clamping the top with some clothspins, I started at the bottom edge and worked my way around the perimeter. I double-stiched everything for strength - triple stiching below the ring, where the most stress would occur.
That's it! Hopefully this may come in handy to any of you who own an original bag and want to fix it. It's not too difficult - just takes a bit of time.
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Been pretty busy as of late and haven't had time to get everything switched over to a new site, but until then I will glady forward pics of the repair process to anyone who's interested.