I would say skip it. Collinite makes good car wax. I wouldn't put much faith in their leather product. But if you're looking for a really good and inexpensive way to protect your leather from the worst of the elements that does work great for leather you can't beat Johnson Paste Wax. It's basically like a giant tub of clear shoe polish.
Definitely puts a true waterproof protective coating on leather. What I'd do is clean the leather with saddle soap per the directions. Wipe it clean with a damp cloth, then spray the surface with a conditioner like Lexol. After letting all that dry. Go over it with a foam applicator and Johnson Paste Wax. Let it dry and buff it with a cotton terry cloth or brush it with a shoe polish horsehair brush. It'll put a nice shine on the leather just like a shoe shine and a very weatherproof and durable wax coating.
That's my buffalo leather motorcycle jacket that I always use. I ride a lot commuting and weekend riding. Over the past 6 years or so that jacket's been through not only the intense southern California sun everyday but 120 degree desert heat, freezing mountains, rainstorms that soaked the leather through, covered in bugs, sand, dirt, and not to mention a lot of sweat and skin grease around the collars you name it and just the above regimen has kept it looking pretty much brand new save for some minor wear scuffs around the collars. The Johnson Paste Wax I think really does offer a real weatherproof coating, it definitely does for shoes, so for jackets I think it's a no brainer.
Just be sure to air out your jacket for a couple days in the sun after application. It really has a strong solvent smell.