Beautiful color! If the bag is basically clean, you can try reshaping it by applying a light coat of conditioner (I use Leather CPR), stuffing it with warm towels and hanging it in the bathroom while the shower is running.
I've dunked Lightweights with no problems. They rehab a bit differently than the thicker leather of the regular classic styles. They seem to take a long time to dry. Sometimes the creed will fade...take a picture of it before you dunk if you want to preserve a record of it. I wouldn't use an oily conditioner on it, just CPR and maybe Blackrock if you have it.
Lightweights are a tough rehab. Sometimes they turn out great sometimes they are a blotchy wrinkled mess. If it's pretty clean I'd stuff it and then condition it over a few days, leave it stuffed it will shape back up. Or dunk just enough to make it wet and go from there.
Thanks so much! Just the advice I was looking for! It’s pretty clean so maybe I will avoid dunking for now and just try conditioning and stuffing like suggested.