Thanks to all of you guys who responded, that's very helpful info.
To Idch,
That guitar looks awesome, that's exactly the look I want to achieve... Regarding the wood quality, all the Musicmaster Bass info i've gotten online states that they are made of Alder wood, which you said is the same in that picture. I'll try to sand only to the sealer, the only problem is that there are a couple pretty sizeable chips (1 inch) that are rather deep and penetrate beyond the sealer. I will see whether I can fill these in rather than sand all the way down to the wood. Is there a way to fill in/patch those chips that penetrated the sealer...
To the Supernova (and anyone else),
If I do end up sanding down to the wood, what are the pros/cons of oil vs. sprayed on laquer? I used Tung oil when I refinished my wooden kitchen countertop, and it worked great. But I did 4 coats, fine sanding after the first 3 coats. It looked great and works great to seal water, food, but its pretty sensitive to scratches. Do you think the same would happen with a sprayed laquer? Also, how many coats of oil/laquer do you think the guitar would require?
Thanks again for everyone who responds...
-X-Ray
BTW - To Neohet, I'm not a radiologist, may name is ray and my friends gave me the nickname in highschool and it stuck...