That pad looks great, way better then the one I restored. Mine I had to replace the entire jute padding on the back. This would be an easy one to do yourself. I used the weather strip adhesive process to repair the cracks as mentioned in the previous post, worked really well. Just try to go as light as possible with the stuff and don't move the pad around until it's completely dried, the weather strip adhesive loves to move and seep. After it's dry, then you can see if you even need to dye it or not, looks pretty good to me as is... ping me a PM if you do decide to dye it. I found something I think worked better then the dye method, seem to give it the correct sheen and was much less of a hassle to work with and dried better. and quicker... but try not to, yours looks so good.
Jason