Seriously, that isn't bad at all. Find some craft paint in the right color and mix it with conditioner, apply, and it should look fine. Craft paint doesn't have the sheen of leather so if you use too much, it ended up looking dull. You can fix this by mixing in a little gloss medium, also sold in the craft section. If you don't use very much paint, you won't need the gloss. You can also use Wood n Stuff Leather refinisher, but you might have to buy more than one color to get the right shade. I don't think edge kote is the right product for this. It is designed to mimic the finished edges on newer bags. It kind of looks like plastic.
Coach didn't use edge coating when they made this bag.
I love the unintentional 2 tone of your bag!