The saddle was a concern, but I wasn't willing to give up the ghost. I remember reading about a technique mentioned by an experienced restorer using the back of a spoon to press out the crevices in cracked and weathered saddles.
First I loosened the tension bold and soaked the saddle in a bucket of water for a few hours. Then, I used the back of a spoon to press the cracks out of the saddle. It was remarkable how the leather seemed to fuse together in places. I certainly could have kept going, but I wanted to start with a gentle approach my first time trying this. In certain places, the cracks seemed to disappear, though in other places it felt lit a bit of the top layer was starting to mush into a paste-like coating. I avoided the logo section of the saddle for this reason. Next, I patted the saddle dry and then wrapped it in towels to keep its shape. I stuffed a number of small rages under the rails to give a flat section in the back and tapped the whole thing together with a couple spins of duct tape. This I let dry for a couple days in the towels then left out for several more days to fully dry before applying a little proofhide and mounting it.
I might do a 2nd round at some point, but I'm happy enough with it for now. I knew it wasn't going to look new again, but it's definitely still useable according to my low standards. The saddle still feels strong, secure, and comfortable.
Before:
After soaking, prior to spoon treatment:
During spoon treatment
Wrapped for drying
Back in service