I wouldn't change a thing. If you are worried about the wood, you could paint it with preservative. I doubt that the wood will deteriorate unless it is left outside. Perhaps you could add your grandchildren's names? What a treasure.

I have a darling doll rocker with a needlepoint seat that my great aunt gave to me. I have two sons, so no interest there, and no grandchildren. I will never part with it but I wonder what will become of it one day.

That is so sweet! Honestly, I wouldn't want to change it. Maybe just polish it to revive it a bit.
I would also carve your child's name next to yours or on the other side?

I was actually thinking I wouldn't change much but maybe revive the wood with something? I have that Howard Feed N Wax and also some type of lemon oil for wood.

I thought changing the mane would be a good idea since it's really scraggy looking.

I considered adding DS's name to the other side but I don't love that mine's still there. It was neat as a kid, but my parents had a thing for putting my name on stuff. Of course, the only way to get rid of mine would be to fill and paint and I don't think I want to paint.

I was going to save it for Christmas for DS but I think he'd really enjoy using it now.

I don't think I'd add his name unless you're certain you won't have any more kids. I'll bet all your kids and future grandkids would love using it with your name on it - a family heirloom. Some future generation may just think that's the horse's name on it :-)

I love the mane...is it removable? I'd take it off and put it in a mesh bag and through the washer and reattach it. I would find a food safe wood restorer (for wood counters and cutting boards) to use, non-toxic to your little one.

Don't take your name off. The later generations will love it!

Love the horse and also wouldn't change anything-wouldn't take your name off or add his. I would check with someone knowledgable about which oil to use. I think lemon oil might stain clothes.