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Help me identify what is wrong with a lens I purchased.

works on safari
 
If the front is a cemented doublet acetone may well separate it if left for a day or so ! I would suggest no more than a few hours to see of anything is happening. Diamond at any grit size is very aggressive as it is not friable, I would recommend cerium oxide if attempting a light polish.
(edit) also polish should idealy be applied on something like a pitch lap cast to the curvature of the lens.
 
Left for a day in acetone. Next day after it evaporated there is no change.
 
Nah, there'll be no change, because acetone won't simply "sneak through" the whole balsam. Had similar issue and in the end I pried the lenses apart. By force. Risky business. It was a doublet with thick sides so I "grabbed" two elements with two mini-vises (лещата) and very carefully pulled them apart by rotating at a same time. But mine was some random lens, not a Leitz, so not much was at stake, if everything would go wrong.

 
I will put it aside and wait to find a broken lens with a good front lens
 
Nope. it is too damaged.
 

Yes it does 'sneak through' thats how we separated lenses for re-cementing where I worked, sometimes 1/2 days sometimes 1/2 weeks. These were £1-3k+ lenses so NO pliers or vices involved!!!
 
I don't see a problem, looks like a perfectly fine soft focus lens to me
 
From the look of it, it would take better pictures if you left the lens cap on.

I will put it aside and wait to find a broken lens with a good front lens

You should probably sell it. You're not likely to ever find a broken lens with a good front element - what else breaks on those lenses that can't be easily fixed? Someone might buy it to fix the front element.