I would just strip it, clean all parts and keep the playfield waxed with a good coat of Johnson Paste Wax, I really like the stuff. It seems to put some moisture back, helps blend the dry spots, cleans, stops flaking and seals the surface nicely. Heck, I even use it on the outside of cabinets and seems to last a while too. I have about 30 woodrails and use it exclusively. You can always try it on a small spot, but I think you'll like it. You can always have it cleared, but I wouldn't. If the wax works well for you, it will have correct patina for it's age with no further damage going forward.
Let us know how you make out.

Yes, that is the wax I use.
And stripped, I'ts just removing the hardware on top of the playfield to do a better job cleaning and waxing for the 1st time. Next time you wax it, you won't need to do it again. If you don't feel comfortable removing, you can always work around the posts etc. Lots of good advise in other posts too.
Have fun and happy flipping!!

I don't know if you're aware, but here is the link to Clays repair guides. http://www.pinrepair.com/fix.htm
There is more here than you could imagine.
Also has Backglass info and I agree, Triple thick is the best way to save the backglass from further flaking.
And, let Lee know about the length difference on your lane guides. Lee is a great guy who cares about his quality and always has treated me quite well.