I have finished the costume, although I may revisit some of the weathering to change some of the look or dirty it up a little more. What I ended up doing was first sanding down the whole jacket and going over the elbows, corners and other areas with more times to get more wear. I then used a razor blade and some dental tool to make the holes in the jacket. I used the razor blade to make a cut a little smaller than I wanted the holes to be, and used the dental tools to pick at the threads to get the shape and size where I wanted it. To get the dirt and grime I started by using a bit of texture spray paint that they sell at retail stores and lightly hitting certain areas with earth tones. After I had a base of dirt color for those areas I would go back over with a different shade of the textured spray paint (stone, etc), and I used some cheap paint sponges that I got at a hobby store to blend the colors together. Interestingly, what I found was that the globs of paint that make up the "Texture" in the spray paint would smear in really cool looking ways, and with a bit of control I could make spots that looks more grimey than others.
After that I went in to do some detailing with graphite powder. I found that sprinkling it over a small area and then rubbing it into the fabric with my finger made a really convincing look. I made sure to focus on corners, and did my best to randomize my weathering, while still following the reference pictures I had. After I was satisfied with the graphite powder, I went back to some of the areas with a small amount of baking cocoa to blend a different color with it. I'm very satisfied with the final result.
I wore it to the Harry Potter celebration at Universal Studios in January, and had the privilege of meeting Jason Isaacs (Lucious Malfoy), Tom Felton (Draco Malfoy), Mathew Lewis (Nevile), and the legendary Warwick Davis, who I absolutely adore. They were all wonderful and had great things to say about the outfit and the make up.
Thank you all for the responses. I went into this expecting not to get any information, but what I received was very helpful.