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I have one myself but have never given it the HWT.
It did however get soaked in the rain once. The hide on the 352nd Monarch A-2 (pre new warhorse) is very supple to start with. I don't think it needs HWT...Just more frequent wear would be sufficient I'd imagine.
I've always thought it felt more comfortable than my Rough Wear. The leather is as you say more supple and I feel less trussed up than in the latter. The main benefit is that I managed to give the collar a bit more form.
I bought both as I couldn't decide which colour I liked best. Up until recently I went through a bit of a seal brown phrase, but that's recently switched to russet. I know it sounds tragic but so what, I don't really care.
I have been considering selling the Rough Wear to partially finance a Good Wear but I don't really want to part with it. I've got a yew longbow that can probably go for the same reason so that may go.
As a good friend said, 'one lifetime isn't enough to do everything you want to do fully'. Too many hobbies-not enough time.
Ian