Welcome and great find. It might only be $30 now, but in a year you’ll have the bug and be buying more ;-)
If your strap is toast, hit up @GzStudio or @TinMan3 who may be able to supply a period correct (padless) strap in good shape.
I agree on the waxing. Heat gun used on a low setting works well and will definitely improve waterproofing if you are cycling a lot. Use Filson wax and it’ll come out looking great.
Ah shoot, I already bought a new padded strap (got it for $63 shipped, didn't wanna pass on it). To be honest since I'm hauling a bunch of stuff every day, the padding is pretty nice.
I'm excited to give the waxing a shot!
I abhor this place, but for a one time use this might work or there may be something else similar out there: https://www.harborfreight.com/1500-watt-dual-temperature-heat-gun-572-1112-96289.html
One of my buddies actually has a heat gun he uses to wax canvas field work bags, so I'm gonna borrow that for the weekend, thanks for the heads up though!