I have my gradmother's old garden bench that is in a bad state. I have replaced a few screws and tightened up any loose parts. However I don't know what to do with the wood. Initially I was going to paint it, but the wood is very dry and with tiny cracks here and there. I thought it might be necessary to oil it before any paint. Is this a good idea? Does oiled wood and paint go well together?

Any suggestions to go about this?