UPDATE:
I've stained the headstock with a few brown coats to get it darker and I will proceed with the yellow ones after. I have decided against using the heat gun on the headstock as I don't know how the bindings will react, and there will be no poor man's bursting on the headstock as I think it would clash a bit with the binding.
Also, I've ordered a few cans of cellulose lacquer, super-fine sanding sponge, 0000 steel wool and electronics cleaner.