Took me a second to realize you meant the latigo, when you were saying tie down, tie down to me is a piece some people use for barrel racing to keep the head down.
I say replace the hard leather straps not worth the risk of them braking in the wrong moment, it costs very little, nylon billets work fine and are cheap, but recommend using a good leather latigo. It should have enough grip on it's self that it will stay tight when tied.
I can't see why the saddle can't be used, long as the tree is fine, and doesn't irritate the horse when you ride, my old leather saddle the skirts flop downwards when not in use, but works fine. I personally would get rid of the cinch, again you can get a cheap but just as good replacement for $10 or less. Just you rust remover on the screws, just as easy maybe easier than replacing. Using cola works too.
Last edited by Cruiser; 09-27-2012 at 10:41 AM.