1) first take that bottle of Edge Kote and throw it away - the stuff was originally designed for the edge of shoe soles - it is water resistant when dry.
2) Scrape or sand it off - using Acetone or other items will most likely just spread around and make things worse
3) If you have any stains on the leather get some oxalic acid - sold as wood bleach, follow the directions for mixing and clean your leather with it
4) For finishing edges:
1 - sand smooth
2 - burnish - lightly dampen the edge with water and burnish with a smooth piece of bone, antler, etc or coarse cloth such as canvas
3) Dye the edges with the same dye as the body
4) After dry buff the whole piece with a clean cloth to remove the surface powder resideu that leather dyes leave behind (Fiebings Spirit or Oil Dyes that is) - re-burnish as noted above and then get some Gum Tragacanth - available from any leather supplier - apply two light coats and let dry in between, apply another light coat and when almost dry start burnishing. If you get it on the body no problem, just wipe off - it can in fact be used as a top coat on the body as well.
5) If the edges are still a bit rough - rub down with beeswax and then use a coarse cloth to rub it in - rub hard to get it warm then burnish with a burnish stick
Hope this helps.........