If the leather is still pliable and hasn't gotten to 'carded' (stiff and cardboard-like) you might want to consider neatsfoot oil, or neatsfoot blended with mink to help re-hydrate- a few treatments over a week or so before you plan on trying to polish and wear.
I absolutely agree. But I seem to recall reading somewhere that before attempting this, one should clean off the surface with rubbing alcohol (I think it was, anyway). This removes existing wax and such, allowing more uniform penetration of the oil into the grain of the leather.

Basically it 'unseals' the leather before oiling, and then you 'seal' it back with the polish afterwards.

What say the experts on this? Is the step with alcohol recommended, or is it superfluous?