Just thought I'd post an update on this Peterson 303 project. The "before" pic shows what pipe looked like when I acquired it. There was some pretty severe rim charring (not darkening, but actual charred/burnt wood) and two small nicks in the finish on the right side of the stummel.
Started out with some 220 and 600 grit sandpaper to initially top the rim just enough to remove all the charring, followed by some finish sanding with micromesh pads. Also used a fine micromesh pad to remove the two small nicks on the right side of the stummel (was luckily able to accomplish that with no damage to the underlying finish). So far so good.
Only remaining task at that point was to see if I could stain the rim to get it to match the rest of the finish "close enough" so that I didn't need to strip off all the finish and re-stain the entire stummel. Used some Fiebing's Dark Brown Pro Dye (all I had) and several coats of that with fine buffing between coats got me to the "after" photo. Not an exact color match (the rim could use a bit more reddish tinge), but certainly a definite improvement over "before"!
BEFORE:
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AFTER:
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