How hard is it to take the leather off and finish the wood?
You need to be comfortable removing all the hardware from the camera. You can cut around the hardware but it won't be as good as taking it off. The leatherette will be stuck on fairly well and will come off in tiny pieces. The joinery underneath may have opened up a bit due to shrinkage, so you may lose the light-tightness of the camera by removing the leatherette.