Risk vs Reward for a cosmetic repair.

Worth the risk to the old leather to attempt pulling it back to clean up the Zeiss bumps on an 86 year old camera? There are 5-6 bumps but the leather is in good shape. If I tear it in the process there is no replacing it with a Zeiss embossed replacement. I'd likely have to cut replacement skin myself because no one makes it for the Tenax II. Camera is just back from a CLA and works very well. I think I'm really going to enjoy shooting it. It's surprisingly easy and fast to focus for a camera this old.

I had detached the leather from my Tenax I after soaking it with alcohol. it came off pretty easy. but it shrunk a little bit after drying and lost the luster. the later is easy to fix with leather paint.

Leather this old - and probably thin - has likely become brittle. Unless the leather has been regularly treated with a leather care product during the last 86 years.
Even then it would be hard to get it off the camera without ripping or stretching. You had to use a screwdriver or a blade to carefully carve it off the body without damaging the leather.
This won`t be impossible for a professional conservator, there probably are hints and tips on the net, but...

Also a camera in use sometimes does get a scratch or some dirt on the body. If the camera looks like brand new i`m sometimes hesitating to really use it because it could get a scratch etc. - if the camera is time-worn to some extend, its somehow easier to use.
If you want to put it into a showcase or want to sell it for top dollar this was worth a consideration, but if you want to use it without "remorse"...