I think that the answer to my own question is that it would be better to use this product:
I have not tried it yet, but I think that I will use it on my leather bag someday.
I'll look into that! However, you want to be careful of using anything with a wax on leather goods. What happens is that the layer of wax can get over all of your clothes.
The Leather Lotion is essentially a diluted Renovatuer and is perfect for leather goods, including furniture. Because it's mink oil-based, you get the conditioning but without the waxes that would get over all your clothes.