I recently grabbed a very good condition vintage strop at a flea market, and I had some questions about its use and care.

It is leather and Canvas, but the canvas side has some fraying at the edges as well as black spots galore that look like dirt and oil (compound?), but possibly mold. I'm going to say not mold, because they are on the side that faces the leather and the leather has no mold. Do I need to clean these spots off, or just use it as-is? I'll post some pics up soon, I don't have my camera with me atm.

Also, Neatsfoot oil is best for the leather, but what do I use on the cloth? just normal stropping compound?

Lastly, Do I need to do anything to the frayed edges of the canvas? Is there anything I can do for them?