A new, improved version of our traditional leather dye. Professional Oil Dye is also an alcohol-based dye created specifically for natural strap leather, vegetable tanned leather and bag & case leather.[/b]
It also contains other chemicals besides - I've got a copy around somewhere showing what's included (and IIRC there is no oil in it!)
As for prepping - I've been using plain ole rubbing alcohol (70%) for over 40 years - as both a surface cleaner and as a dye prep. Just prior to dying a spray the leather good with the alcohol (I use one of those cheap plastic hand pump spray bottles) and then dip the whole piece into the dye for full coverage.
If dipping is not possibel (i.e. when using an inlay for instance) then liberally apply the dye, you want to saturate the leather with dye. I use the cheap foam brushes - those wool daubers are good only for doing edges at best.
If the rubbing alcohol won't do the job, then use denatured alcohol or acetone. In place of those or to lighten the color use oxalic acid (aka wood bleach). Adding a bit of lemon juice to any of the above will also help clean off tough spots.