This handle is quite repairable. A rather easy job for a GOOD instrument technician, ANTIQUE shoe or luggage RESTORER; ...But labor intensive.  Expect 4-6 hours shop time should you desire to have that done. Leather restoration is rather easy for a reasonably talented craftsman;  Instructions and discussions can be found by internet search.
Ornate WWII-period Regal Lap Steel
In Near Mint Condition

               High resolution pics loading;  Well worth the small fast-loading wait.

Denny's Report:

This is without doubt the finest and most ornate Regal Steel I have ever encountered; Worthy of the finest collection.  It is extremely difficult to find an instrument of this vintage in this Steel's near mint condition.  The finish and highly flamed maple is remarkable if not stunning.  This Steel has only very minimal and very small marks.  It has obviously been kept well all of it's life, exhibited by even no checking in it's still pristine finish.

GUITAR:

Tobacco sunburst finish over highly flamed maple top, back and headstock.
Rosewood bridge and handrest cover; Bone bridge saddle.
Silkscreened Rosewood fretboard.
Woodgrain bakelite radio-style knobs.
Motel soap bar DeArmond pickup.
Excellent back felt.
Black tuner button-knobs have been replaced.  One of the buttons was set too deep, out of alignment with the others.  Buttons are available at low cost from Stewart McDonalds along with quite easy replacement instructions.

HARDSHELL CASE:

Very Good condition.
Probably not original-purchase match, because the case's very good condition and wear does not match the Steel's near mint condition.  The Steel fits the case exactly so I feel sure it is an original case for this instrument.
Plush purple interior in Excellent period condition.
2 interior box compartments stradle the Steel's neck snugly.
Handle leather is worn and frayed at connection loops.
Moderate dings and scars on exterior.
Some corners and edges are mild to moderately frayed.
Ornate WWII-period Regal Lap Steel
In Near Mint Condition

               High resolution pics loading;  Well worth the small fast-loading wait.

Denny's Report:

This is without doubt the finest and most ornate Regal Steel I have ever encountered; Worthy of the finest collection.  It is extremely difficult to find an instrument of this vintage in this Steel's near mint condition.  The finish and highly flamed maple is remarkable if not stunning.  This Steel has only very minimal and very small marks.  It has obviously been kept well all of it's life, exhibited by even no checking in it's still pristine finish.

GUITAR:

Tobacco sunburst finish over highly flamed maple top, back and headstock.
Rosewood bridge and handrest cover; Bone bridge saddle.
Silkscreened Rosewood fretboard.
Woodgrain bakelite radio-style knobs.
Motel soap bar DeArmond pickup.
Excellent back felt.
Black tuner button-knobs have been replaced.  One of the buttons was set too deep, out of alignment with the others.  Buttons are available at low cost from Stewart McDonalds along with quite easy replacement instructions.

HARDSHELL CASE:

Very Good condition.
Probably not original-purchase match, because the case's very good condition and wear does not match the Steel's near mint condition.  The Steel fits the case exactly so I feel sure it is an original case for this instrument.
Plush purple interior in Excellent period condition.
2 interior box compartments stradle the Steel's neck snugly.
Handle leather is worn and frayed at connection loops.
Moderate dings and scars on exterior.
Some corners and edges are mild to moderately frayed.
The noticeable white specs in the close-up pics is dust kicked up by high winds while these pics were being taken.
A camera's monocular view cannot do justice to this Steel's remarkable full (not book-matched) flamed maple.
Mis-set replacement tuner button knob.
^
^
The headstock appearing cocked-off is a camera paralax optical illusion of the headstock's down-pull tilt.  The headstock is actually aligned with the body & neck.  Compare with picture above.
This handle is quite repairable. A rather easy job for a GOOD instrument technician, ANTIQUE shoe or luggage RESTORER; ...But labor intensive.  Expect 4-6 hours shop time should you desire to have that done. Leather restoration is rather easy for a reasonably talented craftsman;  Instructions and discussions can be found by internet search.