I've read alot on the reconditioning of old strops as I just aquired an Ebay special for my beginning months. I'm trying to find answers before asking the same question that countless newbs have asked before me....

I've read many posts about cleaning the linen and rewaxing it (or pasting it) but just how much wax should be there? I know the wax on this one is dried out pretty bad and has cracked off in some spots, but there is a lot of wax loaded in the cloth- should there be a lot loaded or is this build up from years of use?
I noticed some people mentioned not waxing the linen- it the wax only for stiffening (I saw mention of starching) or is there a consensus for adding draw too?

Next, the leather side is nice and supple with minor wear but no gouges or nicks. I noticed while attempting to use it there is some sort of dressing on it. Possibly even shoe polish?? (It's black) I've read about cleaning the leather, but just how much dressing should be put back on the strop after cleaning? I'm getting "dressing" on the razor under the spine edge after stropping which would seem a bit much, yet it doesn't come off on my hands when rubbing or handling the strop.
I've used Neets foot oil and leather wax on other items (like boots), when the leather stops absorbing you stop, is it the same or is that too much dressing?