Well then, I'd say dunk away.
I got lucky dunking a Legacy wallet, inspired by
@katev 's report here:
https://forum.purseblog.com/threads/coach-rehab-and-rescue-club.833400/page-44#post-25839847
Mine had some scratches and the color was gray-green to begin with:
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and the coin purse was dirty:
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I scrubbed the coin purse lining with a solution of Dawn, water and vinegar on a gauze pad. Then I dunked the whole wallet in cold water and Dawn, then rinsed. Total time in water probably 10 minutes. The pink leather on the inside didn't seem to get evenly wet, but I was worried about leaving it in too long so I took it out.
The pink part dried back to its original even color, although there was some faint dye transfer to the underside of the flap. I didn't notice any staining of the fabric lining, and the coin purse lining was cleaner. The color turned out a nice shade of green and the scratches disappeared:
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