My reccommendation, unless you have substantial experience with wood restoration, for a project like this would be to PM Brian Dudley and see about sending it to him. He does fabulous work, I have never had the pleasure, but if I did ever did he would be the one I sent it to.
I as a hobbyist have removed oil and refinished a stock with a minor crack repair in it, but I wouldn't even try to fix this fellow. Let a pro do it or I am afraid you will wish you had.
Unless of course you are really experienced at this kind of thing, but I don't believe you would be asking the question if you were.
In addition to the cracks you mention, it appears there is also wood missing from the stock head. Again I would seek Dudley's opinion.
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"The Parker gun was the first and the greatest ever." Theophilus Nash Buckingham
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