I only recently spray waterproofed my go-to suede rain shoes. They repel water excellently now, but even before I did that they weren't worse for wear. Let them dry and brush them to bring back the nap after they get wet.
Wholecut is more formal without any ornamentation. Captoe is standard and just as appropriate for business wear, some might say more so. Both will work for your purposes so it comes down to which you like better.