The iron should be handled the same way (remove rust and sharpen up, make sure the chip breaker is tight) the body looks to be well twisted and very dry and cracked. first, I would clean off the dust with a rag and maybe a bit of soapy water on the rag. Then, I would use BLO and let it saturate to give the wood a bit more life. next flatten the sole with your #5 and some winding sticks. last make sure the wedge and iron still seat well. I am assuming the handle is tight but I am guessing that is a bad assumption.