Old leather can't be made young again.

Tighten the nut on the tension bolt only enough to keep it from rattling around.

Some people like to tie the skirts together; I don't. It changes the way the saddle works, basically makes it into a different type of saddle. That may suit you, or not.

One thing you can do to perhaps give the saddle a little more life, if the leather is seriously compromised, is to stuff a triangle of semi-firm foam (the kind used for flotation is good) between the rails and the leather. Do this with the seat post in place, otherwise you won't be able to attach the seat post. The foam should be thick enough to hold you up when you sit on the saddle, but not so thick as to press the leather up.

If the leather fails, please don't just toss the frame. I can put new leather on it for you or for someone else.

Good luck with it!