Well, about 20 years ago, I came across an article, re: the Colonial and Revolutionary War period. The Author mentioned in passing that the reason that so few of the original leather cartridge boxes, haversacks, etc were still surviving, and so many linen ones survived, was that the linen, denim and canvass ones were painted. As were most of the surviving leather accouterments.
Of course that would have been a lead based paint.
Anyhow, I obtained some exterior brown latex paint, color of course does not matter, I just picked a nice mud color, diluted it with half water, and painted several items, three coats as I recall, a haversack and a thin canvass muesette bag, all "surplus", and a very useless thin cheap canvass machete sheath.
All three have held up beautifully.
Highly water resistant if not totally water proof.
All three items did stiffen substantially. but after 20 years, of regular use, none leak, none have worn or abraded through!
I still consider it a good solution for some items. (The machete sheath is okay but certainly not a substitute for a good leather or G.I plastic "real" sheath.)
Just my experience with an experiment.
Regards
P.S. The linseed oil and beeswax treatment (as well as linseed oil thinned with turpentine), is an old, old "waterproofing" method , (Oilcloth!), it works!
So does carnuba wax mixed with beeswax, but the ptoportions need to be exact, and I don't know them!