I've seen much worse leather on horse reins and harness used for breaking green horses that I would not even think twice about it using. That strap has character but maybe just needs a little more attention from pictures you showed. It does appears to be a quality bridle or harness leather. Just needs a real heavy deep conditioning and it will probably still outlive your heirs if taken care of.
BTW if you wan't to see some beat up and abused leather snake boots you need see pics of Mark's Gokey snake boots. He has put some use of his leather boots and still going.
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