I actually got that repro off of ebay, it arrived this week. Overall it doesn't look like it will spontaneously fall apart or combust.
It is actually lined with some light (cotton?) fabric, unfinished but embossed leather exterior, and very tight strap loops. I can't get the strap to go through yet, need to loosen the leather up first.
The issome waxy powdery substance on the leather surface, that will have to be washed off, then heartily buffed with oil.