Hi won this yesterday on eBay, does the honing wheel need replacing?
https://photos.app.goo.gl/PnWegCGVkxaVMWLC9
https://photos.app.goo.gl/TWn4oKR2nHxeiBj49
Hi Dean,
it needs some cleaning for sure :)
Seems as if there's a lot of old compound/dirt to it. If you apply some oil to it and scrape that off (with some scraping tool and rough sandpaper), there might be enough usable leather left. But it's hard to tell from the photo what you'll find underneath.
I'd sure give it a try.