congratulations on your purchase, whatever you do with it, I would just say , please don't use Neatsfoot oil on the leather if you are planing to use it against fabric, the oil will mark the cloth and will almost impossible to remove and it will consequently attract more dirt to the oily bit, if you must use oil, be very mean with it, allow it dry for as long as you can and re-polish with clean rags unti there isn't a slightest trace of oil.
Would love to see a picture in any case!