So I recently picked up and old Italvega that had a rather battered Ideale 90 saddle on it, I've posted a good number of images here:

https://picasaweb.google.com/cmsanfor/Ideale#

I know the variety with alloy rails is pretty uncommon, and I'm definitely smitten by the few regions that still retain their original color. Most of the saddle appears to have some water damage however, and is very dry and dark. At the same time those areas are not cracking severly, and the leather feels about as pliable as the side without water damage. My question is, can anything be done to reshape or rehab the leather, or is it too far gone at this point?

Definitely not too far gone. Start with Proofide...One coat all over and another application to the bottom side over the course of a couple days. If it still seem dry, give it another coat. That should bring back the flexibility of the leather. It really doesn't look too mis-shapen at this point, however I have re-shaped seriously dry/warped saddles by soaking briefly (maybe 5 minutes) in hot water, then re-forming the leather to the proper shape and letting it dry slowly. Use some blocking material to help form the shape while it drys. I surprised myself how easy and well it worked.

I think its gone but you could always try!!! Although its bad it still has some inherant value due to the aluminum construction. I'd try to recondition it the same way you'd do any other seat. Give it a good scrubbing and then apply leather preservative and repeat until it doesnt soak in any more.

Dare I mention the method:
Soak in a bucket of water overnight first - then let air dry, shaped with wadded newspaper, etc., then proofide?

Seems to kick up a storm whether here or on CR.

Edit: very similar to dck's method

It doesn't smell, does it?

Looks pretty rough but it just depends on what you want to do or expect of it.

Ha, well it for sure smells like old leather, nothing more concerning than that though. I was intending on throwing it on ebay as is, but at this point I feel like it might be more valuable as a project than the twenty bucks I'd get for it there. Think I'd probably just ride it at this point.

As for treatment I already did a top and bottom coat of proofhide, which seems to have helped a lot already. Should I go one more and then do the soaking method?

It might not be the best suggestion for you but my last ideale saddle that was in bad condition i sanded with sandpaper.
I gave the saddle a good sanding all over and then washed it with detergent and water to wash the sanded particles off.
It gets really messy!
I then rubbed olive oil into it while it was semi dry and the saddle came up a lovely mottled colour with light and dark browns.
Actually i done this with two saddles and sold them very quickly to the first viewers because they looked really nice!

I think I've seen worse saved by C&Vers before......give it a shot! You have nothing to lose and a beautiful C&V Ideale aluminum framed saddle to gain (like that medallion detail on the nose, specially), which also costs a whole lot of money out there if you cna even find one!

Chombi

Thanks for all the advice guys. I just put another coat of proofhide on the top and bottom, gonna let it sit for a few days and then try the water method. The sanding thing sounds interesting Dave, do you have any images of the saddles you did that with?