Did you buy the bag already? I think it looks quite good, but I'm not an expert. You could probably get away with just blackrocks and touching up edge paint if you just want to start wearing right away.
If you haven't bought the bag you could wait for a New Old Stock to come up for sale, if this one is concerning you.
I bought this exact style, in navy, as unworn stock. The edges and corners are pristine! It has indentation marks on the leather from storage, however, so nothing is perfect
I really think that after a dunk, polishing the brass, stuffing so it dries in a crisp shape ( i love using cardboard cut to shape to block out all of the interior panels - others here use foam core) shaving off any hairy strap bits and finishing with edge paint, then burnishing the edges and buffing the whole bag....it sounds like a lot but I bet that bag will be very wearable if not gorgeous
Oh, and my turnlock has small cuts around the leather like yours. Those are just openings in the leather for intalling the turnlock. Normal.