I washed it, but the staining was very bad. It also had lots of very bad scuffing and scratches. It was a very light chocolate brown color, and even with a couple coats of Leather Therapy, I didn't feel like I'd be able to get this bag to a condition where I'd want to carry it without drastic intervention.
I decided to try my hand at redying my first bag. I used deglazer to prep the bag, then applied chocolate brown colored dye using a cotton cloth. I touched up the next day using a q-tip and applied a second light coat to ensure good coverage. I then waited a couple days and applied two light coats of acrylic resolene mixed 50/50 with water. I'm hoping it is waterproof.
Here are the after pictures:
It looks like a brand new bag. I've worn it a few times, and so far so good. We will see how it holds up over time.