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Bob, before I did anything to an heirloom strop, I would wait till some of the guys across the pond chime in, it's early over there. Let the thread work a few days before you decide on the path to...

After looking at the photos I can only tell you what I would do. I'm the last guy who should be giving advice on strops (I'm the owner of the famous Leopard Strop).
There will be strop guys, like...

It may actually be working, only future shaves will tell. If the edge is not maintaining it could be many thing other than the strop.
If I were to retired it, I would put some quality conditioner on...