I don't know if I've seen a red strap with the black Canon inscription. If you want to do it I say why not, especially if it's a hard to find strap in good condition. How will you attach the Peak Design anchor system to the strap? Will you have to add some nylon webbing?
There's actually a kit by Peak Design that comes with anchors and two clip parts which you can attach to standard straps. Re: whether or not the strap is hard to find -- it's the pro strap that you could get back in the days as opposed to the thin black standard strap. I think that it look quite nice.
Not sure if I still have it or if I sold it with the camera but I have or had the red one pictured below with the red Canon inscription. I used it with the camera and it's in pretty good shape. Can't remember if it has the leather ends, I think it does.
That's also a nice strap. The one that's currently on its way to me is solid red with black printed-on inscription.
In that case I would use a leather conditioner for old dried out leather. Often the leather is cracked from drying in which case I just remove it from the case. I have a few that I have been meaning to attach a new leather or nylon strap to.
The leather conditioner is a really good idea, I haven't thought of that.
For the dried-up leather, I usually use some Mink oil that I let soak-in. I've also used some Dubin and it works fine. It sometimes needs a few applications to get the leather to an almost new state. I apply it on both the finished and the raw side.
Yes, I think I'll try something like that. I need to have the strap in my hands so that I can evaluate whether I'm going to keep the old leather parts or whether I'll replace the leather with new one using the old parts as templates.
For rivets, I usually don't bother but if I need to touch them up, there are some really nice oil paint Sharpies that you can get at art supply stores. The paint that's in them is really good.
I think that the rivets are quite sturdy metal ones so I was thinking about using a small power tool to sand the old paint off and then use some primer and actually coat the rivet with several layers of proper spray paint so that it'll stay black a little longer.