Well Sir, here is the skinny upon closer examination.
He didn't happen to have it with him at the LGS when we traded so I pick the holster up today.
The main seam is tight, but the magazine pouch stitching is pulling out.
The skin marks are just that, no red rot
the strap is completely missing not even a tab were it was sewn in the main seam ( my guess the main seam was redone years ago )
The two belt keepers are intact, and rivets are snug,
I've emailed Mr. Tolly, I'm not sure of his prices, I may go all out and have it done.
But if it is too pricy, I'll just condition it (already have actually) and keep it safe.
I have no plan to use it, just show with the gun. So, either way it will represent itself.