Thanks for all your advice. i'll let you know how it turns out.
So, I spent a few hours working on this puppy and feel that it turned out pretty well. Three applications of CPR seems to have removed as much dirt as possible from the corners which was what I wanted, and after a coat of Black Rock, it looks decent enough to use. The stains on the vachetta have been muted, but the handles did not lighten up at all (no surprise there).
I made a stab at reshaping it with warm moist towels stuffed inside which improved it somewhat, but once I put my essentials inside, well, gravity had its way with it. I may or may not try again.
Thanks so much to you both for your help. I'm now working on another one.
A few pics: