Well here is my last thought. It's an old rubber pad starting to show signs of age. Either ArmorAll will add some life to it or it won't. My experience says it will probably extend it and most likely won't hurt it. Eventually the gun will need a new pad whether you ArmorAll it or not.
As an alternative I also would not be afraid to try rubbing a little Mink Oil on it which is for leather.
Bottom line it's a recoil pad that is not going to last as long as the gun.
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