GR translation: He may be a little exercised. But he’s a realist.

[Mike Jing]

V528.23-36, P537.20-33   “Get a bearing,” Frau Gnahb grabbing the
wheel and bracing her feet. “We want a collision course!” Otto
crouches by the pelorus, shivering.
       “Here, Slothrop.”
       Luger? Box of rounds? “What . . .”
       “Came this morning with the egg delivery.”
       “You didn’t mention—”
       “He may be a little exercised. But he’s a realist. Your friend
Greta and I knew him in Warsaw, in the old days.”
       “Springer—tell me Springer, now, what ship is that?” Springer
hands him some binoculars. In fine gold lettering, behind the golden
jackal on the wraith-white bow, is the name he already knows. “O. . .
. K.,” trying to see through the rain into Springer’s eyes, “you knew
I was aboard. You’re setting me up, now, right?”

What does "exercised" mean here? And what is the relevance of him
being a realist?

I thought the Springer was talking about Procalowski. But that doesn't
seem to make sense.
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Pynchon-l / http://www.waste.org/mail/?list=pynchon-l