Leather and Document Questions

[Squeaker]

My step dad told me last night that he is going to give me his grandfather's framed WWI discharge paper. I'm going to have an updated glass put in the frame and an acid free backing put behind it.

 

He is also giving me what looks like a bilfold type case with some other document in it. The case has been folded the same way for the past 90yrs I'm sure. I'm going to have it matted and framed and hopefully it does not disintegrate in the process.

 

My main question is what to do with the leather bilfold/satchel thing afterward. Do I treat it with something and attempt to keep locked away, or somehow try to display it framed (not sure if possible)? Thanks for any input.