[perezfan]

If you restore, you must disclose. Only fair to the new owner...

I think restoration is warranted in this case. It looks pretty sloppy as-is, and I believe that vintage book restoration is an accepted practice. Restoration of the binding would not deter me as a bidder, as long as the signatures are in no way impacted. I'd probably bid higher if the piece had a cleaner look.

Probably best to consult Al for his opinion, if you indeed choose LOTG (who I think would be an excellent choice for this piece). Al is a straight shooter who will provide you stellar advice.