I've stripped a few Peavey guitars. Once you think you are down to the wood,,,,,keep sanding. They use a real thick coat of sealer. When you think you're at the wood, pay attention to the dust from the sanding. Until you hit the wood, the dust will be a fine white powder that has a plasticy smell to it. The dust will chhange when you're past the filler.
My last Peavey refinish was a mahogany body. I sanded down past the filler till I was at pure wood. The pores were huge, but looked great. I ended up using one thick coat of Tru-0il. I had to let it dry for a week. One coat drasticly darkened the wood, in a good way. You could still feel the pores, but the natural wood feels great. I actually put a second coat on, but didn't like the way it looked or felt.
al