Dan...
You are right to counsel caution. I haven't seen it yet but I can imagine someone soaking his saddle in Lexol and getting a flappy hammock.
I snagged a pair of very tough Aisan, pig-skinners a while back. They were dirt cheap for leather HOG biker gloves & marked XXXL. I usually take an M but these fit my fingers fine.
The gloves were stiff-like & dry, so...I slathered 'em good with Lexol. Within minutes they were like clown gloves---almost utter-ly baggy.
Many hard leather goods are made of boiled leather. I suspect, but don't know, that boiling is part of the leather bike- saddle process.
I think there are some very good uses for Lexol in saddle restoration and maybe for presoftening (if you must) but I'd apply it moderately.
Calvert Guthrie
Kansas City