nice. the bottle logo is pretty funny. not sure if this really adds much to it though, it's a pretty minor change imo

I don't think the custom emblem is necessary, it goes against the casual-look that the cosmetic is aiming for. The class emblems fit on most mercenaries by default as they are on a battlefield (Scout and Spy doesn't have emblems, though), but, on this cosmetic, it's trying to go for a more daily-casual-looking wear Demoman would use.

The Dead of Night also doesn't have an emblem, but on that case, was due to texture size limitations, and the creators decided to get rid of the class emblem for the Demoman variant. Well, I actually like the Dead of Night on Demoman, so it ain't that bad of a limitation.