This morning I hit the blade and handle with Fluid Film. I use it on all my blades stainless or not just in case but I've never used it on a wood handle like this before. It's recommended for conditioning gun stocks so this should work out fine.
I've decided that tonight I'm going to wax/boil the sheath to harden and preserve it. First time for that so I've found a Canadian source for a Concealex sheath. Then if I botch it I can get a backup. I'd rather keep the original though for traditions sake. I talked to a friend of mine who has a few army issue Grohmanns and his biggest complaint is the knife slicing into the sheath or the tie down (which this one doesn't have). It's such a good slicer that you can do it without noticing. It should make it just a little more secure and less likely to come loose too.