In my model airplane building days, I painted the outside edges of the balsa frame with dope, let it dry, then laid on the tissue or silkspan covering and brushed fresh dope on top where it met the framework. This technique would soften the dope on the framework and bond the covering to the structure. So, I'm guessing that if you do use the dope as a cement, then using thinner later on by working it under an edge would soften the dried dope and allow lifting the covering. I think it would be a time consuming affair though as you would have to work from the edges inward. There wasn't enough loose covering on my camera for me to lift and examine it closely - I still think it is something besides leather.
On this camera I used a very small amount of Propert's All Purpose Cleaner and Conditioner on a microfiber cloth to clean the covering on my Mamiya 6. The bottle says it's a Kiwi Brands product made for cleaning leathers, imitation leathers, and plastics. I've had my bottle for ages and it's almost gone, but I can't find where it's still available. I would think any high quality wax product, like carnuaba would be a good protectant for this camera's covering. Thanks for the tip on the PEC pads.
Yes, the mechanics and the optics on my example are in quite good condition. The only problem that I've seen is that the rangefinder is a hair off vertically, but appears to be quite accurate otherwise. I can live with that.