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Originally Posted by Philip
Congratulations! A fine example that's complete down to the leather pan-cover which is often missing. Nice patina and signs of wear indicating a "working" piece that was nonetheless well-maintained in a harsh environment. I agree that a conservative approach is called for, overcleaning is the worst thing you can give to these things. Just do what's necessary to keep the leather from drying out and flaking, and carefully rub off any spots of visible active rust but leave the underlying patina. A good quality wax is often better than oil on the iron parts since it doesn't attract dust, won't rub off on hands nor get onto the leather and possibly stain or rot it.
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And I would add that instead of fat or oil on the leather I suggest you use a good quality wax, like Renaissance Wax on both the metal and leather. Anything that soaks into the leather in order to "liven it up" will change chemically over the years and turn acidic and degrade it. Once you apply Pecards or some other "restorer" you can't undo it. In time, you or the future custodian, will regret it.