I stripped down the parts - there wasn't that many!
Then started the modifications and clean-up.
I used simple hand tools to sand and re-profile the head, diluted bleach to clean the wood and then cut a 1/4 inch (6mm) strip off the bottom of the mallet head to make it less bulky. The handle had 30mm cut from the base before I polished the whole tool with clear wax. I think it looks a whole lot better now.
The distinctive dark grain adds character to this simple tool and in the end I think the restoration works. I have no intention of restoring more tools but I have to admit to a feeling of satisfaction when I take a well worn old hand tool and restore it.