Likely they won't disappear completely at all--they
do look like elbow callouses. The bag balm works great to keep them soft and pliable. Our labby used to have some heavy-duty elbow callouses that would crack in winter if we didn't condition them with bag balm.
Your coconut oil may work well, too--time will tell! If cracking starts to be a problem, you at least have a fall-back plan with the bag balm.
He sure is a handsome pup!