I understand the dilemma. I will say when I was looking for WWII US holsters I saw a lot more .45 holsters than Victory's and I can understand the allure of having an original with the shoulder straps and ammo loops - which is not very common. I hope your Victory has the US Government stamp too.
I think at this point I would just accept it as an original and official war relic with service wounds. It's a complete rig and survived 85 years! I would use Bick 4 as I suggested. The Bick 4 will not discolor the leather and creates a nice surface protection. The leather readily absorbs it and it leaves no sticky coating. It has no wax. It would not surprise me if it is lanolin based. Most conditioners will darken the leather. I think you'll be happy with the results.
These gloves for my mancave were early 1900's, some of Everlast's earliest logo gloves stuffed with feathers. They were pretty ratty when they came in. I treated them for several days with Bick 4 a few years ago and they are still very soft and supple, while retaining the vintage look.
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