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From what I've read(for about an hour) on fabric dyes ... there isn't a feasible way to dye it without jacking the leather up, the best thing is do a sharpie and make sure it is pretty darn good job ...
no it won't. It will look like you took a sharpie to it and you'll always have red coming through in different areas everytime anyone puts their head on it and moves the stitching a little.