That strop is in pretty rough shape. The question is, is it worth the time and effort over buying a new strop which isn't really that expensive. I would not use saddle soap because using saddle strop means using water and the strop is already pretty dry and cracked and water will not help you. Get yourself some Bick leather cleaner. Its a gel, uses no water and scrub with that. After that any good leather conditioner. I've found that when a strop gets a bad crease in it you can hang a 50 pound weight from it for weeks and it won't come out (I've tried it). The only way to get it out is to soak the leather in water and let is slowly dry then the crease will come out however in your case soaking that strop in water might be the final nail in the coffin.
Just looking at the leather surface, if it was me I'd just get a new strop or a used one in better shape.
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Sparks, Nevada Police report last night Homer La Fong Died while shaving with his straight razor. His wife reported he was using his Iwasaki Razor and while shaving his neck it just seemed to have a mind of its own and came to life and cut his throat. Subsequent investigation revealed the razor belonged to Toshiro Kawasaki a WWll Kamakazee pilot who was killed when his plane slammed into the USS Yorktown. His last act was to shave with that razor. It is suspected the razor is haunted.
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