At that age, this is probably one of the last that saddler Pessoa had any input/control over when he worked for Collegiate.
The saddle if in good condition, would go possibly $200 - $300. The only reason even that much is because the fashion/fad right now is to have the knee-roll flap seen, not a single piece of cowhide making the flap from.
Did you look on Ebay at what these saddles are being "offered" for sale at?
Sadly it isn't just the under-panel stuffing, but looking at the picture the saddle flap edge itself is severely cracked...that is the cracking of death seen
I would not give you $50 for that saddle as it looks and even if you invested the money for new under-panels, it isn't worth it...it just isn't.
You're going to lose any invested in fixing.
I'm sorry, but I would not invest anything other than a thought for it.