In order of performance:
Pure Neatsfoot Oil
http://www.tandyleatherfactory.com/en-usd/search/searchresults/21997-00.aspx
Pledge in the yellow can
Lexol can/will leave the leather hood with a sticky residue.
The lemon oil and beeswax in the pledge will soften leather some but not as effectively as Neatsfoot oil. Pledge softens the shutter curtain as well
IF it has not started to crack. Spray the pledge on and let sit for 30 minutes then rub in and wipe off the excess.
Neatsfoot oil: apply in light coats allowing 12 to 24 hours between coats. Apply with a cotton ball or similar soft applicator. Support the hood from the inside while applying. Buff with a soft lint free cloth after the final coat has dried.
I repair cracked, falling apart hoods with Dap Weldwood Nonflammable contact cement (water/neoprene based) and shutter cloth (player piano bellows cloth, .008 thick) cut into strips 1 1/2 to 2 inch wide centered on the split seam. I do the top to bottom seams first then the cross seams. Do not fold until thoroughly dry.