I just wanted to report that with all of your advice, I was able to smoke my first full bowl out of this old pipe today! No cracks and I'm really enjoying this pipe. I think it cleaned up quite nicely!
Just for completeness, some of the steps I followed below:
The chamber had very little cake in it. But, The cake had cracks and fractures in it. To remove these cracks/fractures, I "finger" sanded the chamber practically back to raw briar (was worried about this but it seems to have worked out). I then thoroughly applied mineral oil to the outside of the pipe in prep for the upcoming light alcohol cleaning. I let that sit overnight and wiped everything off in the morning. A few days later, I very conservatively used alcohol to clean the chamber, drain-trap, and the smoke channel. I did this in stages over the course a probably a week or more. I didn't notice any damage in the chamber before or after this work, which I was obviously happy about.
The stem was also heavily oxidized so I did a few 24hr oxiclean soaks and used a bic lighter to try to burn away the oxidation. I was smart in thinking ahead, however, and I recorded the shape of the stem by tracing it onto a blank piece of paper. After about 3-4 attempts at burning the oxidation away (which improved the color but not as much as I desired), I checked the stem against my recording and it straightened out some! Thankfully it was not much. But, I was NOT comfortable with this at all. Nevertheless, I took the bic to it to warm it up and VERY slowly and successfully bent it back into shape. Put it back in oxiclean bath to get the shape to hold. I put a pipe cleaner through it and it seemed I didn't collapse the smoke channel. PHEW! From this point forward I sanded with 1000/2000grit and mineral oil and then tried my best to polish with white rouge on my knife strop. The stem color is drastically improved, but I wouldn't mind getting it more true black. (I got polishing wheels, more white rouge, and carnuba wax for christmas. So, I'm excited to try these out!)
All in all, I think everything came out great. The rim has some damage to it that I think gives it character showing the journey of a pipe over 80 years old. I'm not sure there is much to do with the rim or much I'd want to do. But, I'll try to post some pictures so everyone can see what I've done and provide any recommendations.