As per your request:
There are risks to dunking but it’ll probably be fine.
I have dunked dozens of bags and have never had a creed obliterated.
There's a slight risk, but to me the benefit of dunking to reshape the bag would outweigh that risk. If the creed is nicely stamped and not too shallow, it will probably be fine.
I'd use cool water, and definitely wouldn't let the bag soak too long.
The deed is done. I soaked for under 15 minutes (and the water still turned bright pink, oh) and was ridiculously careful with blotting and stuffing to try to keep away from the creed on top of not stretching out the leather so here's hoping!