Having just salvaged a Wrights in comparable shape:

Wrap it in a very damp towel and put it in a plastic bag. After 24 hours, take it out and wrap rubber bands around it to reshape it. Make sure the skirts don't flare out anywhere, or they will rub you to hell. Wrap the towel around it again, and put it back in the bag for another day.

Take it out, let it dry for 1/2 day, then put your choice of saddle dressing on it in a warm window or outside. Go ride, then decide if lacing is necessary.