Absolutely not, that mixture is wonderful for new leather, but not 160 y/o leather. Best thing is to do nothing, but if you are bound and determined the process is rather laborious. There are quite a few different thoughts on this, but the NPS and Texas A&M processes seem to be the accepted museum treatments for antique leather.
Quite a bit of damage has been done with the above "remedy" as the natural oils have dried the thirsty antique leather will soak up the oil and you will end up with an oil logged relic. I have a confederate cartridge box that was treated this way and when I hung it on the wall by the shoulder strap, supported of course, the oil stain left on the wall was almost impossible to eradicate, even with Kilz.
The idea is to re-introduce the oils that were lost, but do so in a very gentle manner, I will PM the docs from both NPS and Texas A&M when I can access them on another computer. I have posted this previously, there is also the British leather dressing method, but I am not sure that is currently accepted.
A lot has been learned in the last 20 years in terms of preserving antique leather and a lot of damage has occurred in previous years, with product such as Pecards and other wax like dressings. Leather needs to breathe, these wax dressings do not allow that and will ultimately seal in contaminates.