It depends on what I find for filling it...if I can find the right size piece of maple (or at least a similar wood), then I shape it to fit the hole, glue it in, sand it down smooth. The worst that will be there will be a line...I can live with that.
If I can find a piece of maple, then I'll use a piece of the alder that I chopped off the body of my other telecaster (see my 'Bocaster' project thread). That wood is pretty light colored with little grain, but very easy to shape-- so it'll be visible, but liveable.
I'll probably use sawdust and glue to fill in much of the hole, then glue in the piece and shave/sand/shape level with the rest of the head.
I'm not against veneer--just don't know where to find any around here! (I've asked a carpenter friend to help out, we'll see what he comes up with)