Binding Dry & Cracked

[gschank]

I have a '72 4001, Jet Black with white checkerboard. All original and all parts in place. The binding has yellowed (OK for all original). However, the binding has become very brittle, and a 1" piece has cracks off. I saved the 1" piece that came off, but it is obvious that this will keep happening.
Two questions:
1) Is there anything that can be done to prevent more cracking?
2) If not, will replacing the binding with new binding diminish the value of the instrument.
Thanks.