I used some saddle soap after I sanded it... I'll be giving it a good rub down with some olive oil once it's dry and we'll see how it goes...Hopefully it turns out!
Thanks All!
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I'd be very careful as you do this. I was working the same process on a strop that looks almost identicle to this one, and rolling it over to work the oil through it popped, a big crack across the top that goes half way through the leather. There were some cuts in my strop before, but nothing as nasty as the crack I put in it.
I'm going to play around with it to see what I can do, as there's still a good length of leather for stropping purposes. I picked up another strop at an antique store yesterday. It's in much better condition and I'll use it while playing with repairs/restoration on the cracked strop.
Asparagus....Yum!
It doesn't look too bad to me, but if all the above advise doesn't work, get a new piece of leather and reuse the hardware and linen parts. You end with a new strop with cool old parts
If you call around local antique shops, you'll be surprised how many have vintage straight razors and boxes to go with em. I noticed they're usually rusted and overpriced, but if you point out the problems and say these go for like $10 bucks on ebay they'll usually negotiate by 50% or more.
I actually got it fixed up nicely. Unfortunately the fold in the leather left pretty deep creases in the front side. If I sanded them completely out there would be very little strop left. So instead I sanded the backside smooth cleaned it with some saddle soap and treated it with oil. It turned out fantastic! I'll post some pics when I get a chance.