Bill, I had the same problem with an Ideal Grade that looks like it was kept in an attic for years. The finish had alligatored. I just stripped it and then I used from the can Amber Shellac and a drop of oil and French Polished a new finish.
The dull spot you see is from the flash.
I could probably give it more coats, but I'm tempting to use what Hunter Arms called their Rose Oil Finish. I part Marine Spar Varnish, 1 part Japan Dryer, and the rest Boiled Linseed Oil, heated and put on your fingers and rubbed it.
