I would argue with you about this (finishing it in polished smooth) except you sound like you know what you are talking about, and it is something that I would sure like to know how to do.
I would argue with you because suede is a different cut of leather than the smooth leather, and supposedly cannot be given the 'smooth leather' look. You can get on the internet as I have and google how to make suede smooth, and you will find that it can't be done, and convincing reasons why. Of course, that isn't necessarily accurate information, but that's what I found when trying to figure out how to make a black suede case smooth. Mine is a Centennial that looks 'okay', but not 'great'. I am not a suede fan.
Looking forward to seeing pics of your fix-up and a description of what you did. Thanks.