What should I do (unused? vintage strop)

Just snagged a vintage Roma British strop. Looks like it may have never been used as the paper wrap was still on the fabric side and the advertising paper flap was still with it but it is showing its age (rust on the metal, some staining on the canvas fabric and on the leather strop.) I am thinking about taking out the stiches, disassembling it, buffing the metal with steel wool, flipping the cotton side over, giving the leather some neatsfoot or maybe just lather rubbed in, then reassembling and resewing. What do you think? That would make it usefull, buyt maybe I should just not touch it and tuck it away as is?

Nice. I just received one off ebay but it is coming apart at the handle (the stitches). I have no advice but I would like to know how you get on.

Good luck. Nice catch