Baking tapes is itself dangerous, and may be unnecessary. It depends on how the tapes were stored and how high-quality they are. I'd try it on one reel first. Use a very low temperature and don't over-bake! "Baking" is a misnomer - what you're really doing is drying the tape.
I've read 40-year-old (high-quality) tapes with only some loss of high end, with no preparation other than running the tape at the slowest available speed from end to end, turning it over and running it back at slow speed (rather than using the rewind function, which will stress and stretch - or even break - old tape). This will un-stick the tape from itself and remove moisture from between the layers. You'll want to do this whether you bake first or not. Yes, there will be a fair amount of oxide on the heads and capstan when you're done, so it'll require a thorough cleaning before you start the playback.
It's also worth taking the time to perform an azimuth adjustment before you get started. If you don't have instructions on hand for your deck, manuals for most machines can be found online. It's not difficult (just time-consuming), and although normally done with an oscilloscope it's possible to do it using SONAR by carefully turning the adjustment screw by quarter-turns and recording or observing signal strength and spectrum. You'll know when the azimuth is optimal because that position will yield the best signal strength.
Try to capture the entire tape on one pass. You want to minimize how many times it drags across the heads, rollers and capstan. Save a backup of that first capture in case you have to go back to it. Once you've got the whole thing in one digital file you can then cut it up and process it any way you like.
When I last did this, I did not have the benefit of a good audio editor and had to rely entirely on EQ to get the hiss under control. If I was doing it today, I'd use a good noise remover such as RX, Sound Forge or Adobe Audition. It's amazing how well such programs can work.