Ultimately, you may have to replace the bag. consider looking at http://www.kellehertrad.com/index.php/catalogsearch/result/?q=lbaf+lbgw+lblong.
I’ll take at stab at a possible course of action, but really. . .
Most bags are rough side out. Mine is bass=awkward to this so I’ve followed a slightly different course through the years. . .that is applying my seasoning to the outside and massaging it into the leather.
When the leather itself proves porous you have to fill up the pores with something. . .one common ingredient is beeswax. A lot of recipes feature something to ‘carry’ the beeswax in solution to penetrate into the leather. Olive oil, Neetsfoot, Murphy’s Oil Soap, lanolin. . .you get the idea.
Problem is, the oil is usually the cause for bleed through.
I use hand lotion as the vehicle to carry the beeswax. Typically something like Johnson & Johnson Intensive Care. It’s mostly Polypropylene Glycol, and esters of Glycol, a little fragrance, and preservative. It’s good for your paws, and won’t hurt the leather. It dries (mostly) in a few minutes to several hours. A little gentle heat from a hairdryer helps the mix to go into the leather as I massage it.
A glop of lotion, some softened wax, some heat, massage. . .rinse and repeat as needed.
If it were me, I’d work from the outside to be sure of a thorough application. It’ll ‘dry’ (mostly) in a hour. But really I would have already condemned the bag. . .
Another suggestion. This is from the outer fringes of lunacy. Try the heavy silicon ‘grease’ Bob Keenan has suggested. HOWEVER, this stuff is a b-tch to get off with soap and water, so a heavy bag cover would be in order. . .and even then you might want to test it for ‘bleed through’.
As I said, though, check with Niall Kelleher. He’s good people and you will not be paying the VAT so the prices will be a bit cheaper. . .
Bob