I agree that you should go for a vintage look and the example Tootall gave is a good one.
I don't really know your taste, but I can tell you from my own experience that I'd shy away from heavily or artificially distressed straps. For one, they just don't look natural and if you look at any of the true vintage Panerai straps you will notice that virtually none of them have that "my dog chewed the crap out of this strap" look.
I've found with the straps that I wear, the ones that have been worn a lot and patina'd naturally are the ones that look the best and that I gravitate toward. Artifical distressing looks, well, artificial.
My $.02.
Savage