I want it to look good, but am mostly concerned with the bag integrity.....if this is something that would most likely get worse over time I will not attempt.
I once purchased a leather Dooney drawstring bucket bag that had exposed piping. The area was a dark brown and the piping was black, so I touched it up with Weldbond and the torn leather has remained flat against the piping and it hasn't budged with use. Plus it dries clear, so very unnoticeable. That might work for you? I just opened a package that is a vintage Coach duffle #9060 and it also has exposed piping that wasn't mentioned in the listing. I like the bag so much and got such a great deal that I got out my Welbond for after it dries (soaking in sink now lol).