I am in Mt Pleasant,,, KC is west of DFW !! When I had my shop late 70`s and 80`s this stuff was coming in by droves !! Still,, even though Eastlake style is not as popular as others,, it is usually good solid furniture with the possibility of increasing in value !! Do not change the covers !! Are you sure they are leather ?? Look at the edge to tell !! If the covers are changed or they are refi your value is reduced by as much as 50% !! If it is real leather try Lexol leather conditioner !! The cracking is to be expected and is normal !! Just treat it like a saddle that needs oiling !!
If you just want to improve the look for your use add a cushion that ties !! Most of the value in antiques is in the originality !!