Yes, absolutely you can. All the professional water based leather "dyes" on the market like Leatherique, SEM Sure Coat, etc are all coatings.
To cover black, it means you would just have to do a few more coats to get complete coverage.
I don't have any cardinal dye but as a test I just "dyed" this sample of e30 black leather to Natur Tan. I didn't even do any prep work on the black. Usually you want to use a grey scotch brite pad and some acetone to prep the leather and remove some of the old dye.
You Should PM Kevin Chinn @ Creative Options (Tricked 323i). The dye he sells is the best I've used so far.

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