the strop looks to have some cracked leather at the ends that is very bad and that may render it useless. try using a saddle soap to clean the dirt and grime off it and then after letting it dry apply either mink oil or neetsfoot oil to it.

before sanding the hone i would first wash it with a little bleach water and then scrub it with either a nylon scotchbrite pad and baking soda or an old toothbrush and baking soda that should clean it up nicely so we can ooh and aah over it when you repost the pictures it will also make it easier to sand.