I have a pair of long branches that have "distressed" leather, and I only really wear them when the weather is bad out. Would obenaufs be a good product or is it not intended for distressed leathers.
I believe AE recommends using their "Leather Lotion" on shoes like these, when the original color should be preserved.
Take the rest of my response with skepticism, as I have not used obenaufs before on any shoe, but I think others have reported that it does darken the leather a shade or two, but that is using on brown leather. I am not sure what would happen if applied to a gray waxy leather, whether the waxy processing would mean that color would change less or more. Maybe apply some high up on the tongue as test, or if you don't mind a little more darkness around the toe or sole area, start with a small patch there.
I went ahead and did it, and it darkened a bit but certainly kept them in the same redish family. A bit of rubbing, a hair dryer, and an overnight sit should make them better against the Wisconsin winters.