Well, if the flaking is minor, then the shoe polish will help and should work. But here is an experience of mine that worked great.

I had an 1840 with tight wire but the leather looked like someone had run it on a wire wheel in that it was frizzy with flaking. So with little to loose and the need to either replace the original grip or find a solution, I sprayed the entire grip with satin finish varathane and immediately used my bare hands to grip the grip and mash down the flaking leather. I went round and round and when done, the varathane had stuck down the flaking leather and my hands had removed any look of varnishing. I then let it dry for a few days and then used the shoe polish. You could not tell it had previously looked like a rat's nest. So, it is a drastic fix but it worked for me. Of course, I cannot guarentee your results. If you find that you need to have the grip rewrapped, I would recommend Tom Nardi and his phone number is 707 838-1820. He has a web sight also www.cds1.net/~nardi/swords/index. Good luck!