Just to update. I've not given up hope on the B-17 based on this thread. I'm trying some Neats oil that I had around here for some baseball gloves and we'll see how it does in a day or two. I'll report my findings then.

When I was a kid I rode the old Schwinn 10 speed with a leather saddle and remember how nice it was, so I think I might give it some more time.