Here I go again! Dying the bag was a tiny bit harder than dying the boots, simply because there were more design elements to work around: buckles, straps, folds, zippers. However, it was still super easy, and I love the results! I made it a point to put in as little effort as possible, and it still turned out really well.
Original tutorial here:
http://youlookfab.com/welookfa.....ye-leather

1-2: Before pictures. The discoloration in the leather didn't photograph well, but it's there.

3: When I spilled the preparer fluid on the bag because I applied it to my sponge while holding said sponge over the work area. Oops. It didn't matter at all.

4-6: Applying first coat of dye. This time around, I did not paint every single seam with the brush before using the sponge. I used the sponge from the get-go, and just tried to make sure I got every nook and cranny. This saved a lot of time, because you have to sponge over the brush strokes anyway, in order to prevent glooping and keep a nice, even color.

7: I make the decision not to tape over much of the hardware, and I also gave dying the zipper fabric a shot. A bit of dye leaked through the zipper fabric, so if you want to preserve your lining *and* dye your zipper, then you should tape off the edges of your lining first. I painted over much of the hardware, then tried to remove it with acetone -- this was a problem, as it was impossible to avoid touching acetone to the leather, and it caused color loss. I ended up rubbing the rest off with tissue, and it came off easily without damaging the leather -- MUCH better.

8-9: Finished product. I love the bag much more now! I think the hardware pops against the blue like it never did against the pink. The saturated color is much more my style, too. It looks brand new!

To address a question Aida posed in the original thread: the leather does NOT feel stiff, and the slouch/movement of the bag was not affected. It's an floppy, unstructured bag, and its movement feels the same as before dying. I would say that if you are dying distressed leather, none of the distressing will carry through. It may seem obvious, but the dye definitely makes the leather look brand new... so don't dye if you need to preserve a super matte/sueded/nubuck type look.

10: my hands post-dye. I didn't bother to wear gloves, and you shouldn't, either. This stuff washes off in a snap!

I hope I gave a good overview of dying a more complicated item. It's a great way to revive old leather goods! And truly, if you can finger paint, then you can dye a handbag.

ETA: D'oh! Forgot the dye details! I used the Tarrago brand Self-Shine Color Dye kit: $12 shipped on Ebay. Tarrago suggests 1 bottle of dye for a pair of shoes, 2 bottles for an average handbag, and up to 3 for a pair of boots. I used less than 1 bottle on my boots, and about 1.5 bottles on this bag, so the degree to which you're changing the color matters. The color I used is color #58: Air Force Blue.