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not sure if this is of any help since your bag is fine now but:
The same thing happened to me with a pair of lambksin leather pants. Wanted to condition them and ended up with huge white blotchy spots like you - left over bits of the polish i used. Couldnt get it out.. at the end, a sponge with a bit of lukewarm water helped, as well as some nivea body lotion - not kidding. A lot of people use plain nivea lotion on expensive leathers, since it is skin just like the skin on your body it melts into it. no worries regarding colour changes either...
Im impressed u dared to use the black shoe polish - I would not dare to do that, specially since it says "shiny" and your bag isnt that shiny originially is it?Anyway, it all worked out, im so glad for u! well done!
)
I actually use my moisturizer afterward because it was dry and it worked perfect! (Leather is a skin after all)