The hump below the saddle is usually referred to as bellying... It's normal on a guitar of that age... As long as the saddle is still secure and fairly level (not tilting too much forward) the proper fix is a neck reset. The bellying is from the constant string tension over the years and I doubt the clamping will make any improvement... It may make it look better temporarily but as soon as it's restrung it'll come back. Doing a neck reset will realign the fretboard with the saddle and correct the problem. Many people believe that bellying actually improves the tone and is part of the opening up process... If you don't want to go through that expense or trouble you can lower the saddle and slot the bridge for more break angle and use lighter gauge strings to keep it playable for as long as possible... Shaving the bridge may also be an option but I'd like to see some pics before I recommend it....
I believe that henry is talking about the bridge doctor but that's more for fixing a tilting saddle rather than a belly, though it does reduce the belly. However it does sacrifice tone... I'd consider it a last resort myself.
It may be a good idea to check all the interior braces just to be sure one hasn't become unglued... If one has, fixing that will probably offer a measure of improvement as well. Also how much relief is in the neck??
[b][color=#FF0000]If your brain is part of the process, you're missing it. You should play like a drowning man, struggling to reach shore. If you can trap that feeling, then you have something.
[/color][/b] [b]Peace of mind. That's my piece of mind...[/b]