My Method
Gonzo, lets hear those resto tips. I'm always open to new methods. Thanks, Brad
Sure. The following is tried and true. There are other ways, but this is how I do it. I've done many pairs and they've come out looking new.
Word of caution You must use good common sense when sanding any veneer. You've got to stay vigilant. It is very easy to burn through. Less is better. Very light pressure. Keep the sander moving. Check the surface OFTEN, there is NO such thing as being too cautious when doing this critical sanding!You must have a nice clean area to work in, with good ventilation, good lighting and proper floor, skin, lung, and eye protection.
After disassembling the speakers, and taping off tags or foilcals with blue masking tape. Do the following:
Start by loading your sander with #120 grit.
1. Sand the enclosure until you see that the original finish is about off. There should still be a slight darkened tint to the wood from the original finish. That's as far as you want to go with the #120. Before you begin patching, use an air hose to blow out the grain of the veneer. Use a
damp towel to give the surface a quick rub-down.
2. Using FAMOWOOD brand lacquer wood putty, patch as needed. I use FAMOWOOD because it works great, is made from real wood (whichever species your putty is for, contains that species sawdust), and it dries quick/hard.
3. In a normal 72 degree work area, the FAMOWOOD will be dried in approx. 20 min. or so, depending on temp. and thickness applied.
4. Load your sander with #220 grit.
You will use this grit to do all final sanding.
5. Before you begin the final sanding, you must again use an air hose to blow out the grain of the veneer. Use a
damp towel to give the surface a quick rub-down. This will allow you to see the trouble spots clearly, and also allow you to get the most sanding done with the #220 in the least amount of time. This is important because of the fact you do not want to burn through. Less is better. Preperation is key.
6. Begin your final sand with the #220, focusing on the main field of the veneer. once you get to the point where most of the veneer is looking clear and evenly sanded, focus on the patched areas of FAMOWOOD putty.
7. You've got to use great caution. Extremely light pressure and deliberate action. Slow and controlled. You will be supporting 95% of the sander's weight, while using the other 5% to slowing sand the putty, especially if it is a corner ding, whereby you must "make a new corner". Like a sculpter, 'cause that's what you're doing.
8. time to blow out the grain again, and wipe it down too. Look at the veneer, and fine-tune any area's that are still needing attention.
9. Once you're satisfied, a final going over with the air and damp towel, and you're ready to apply some stain.** Getting all the sawdust out of the grain will prevent the stain from looking blotchy too, because if left behind, it will reflect light differently and make the finish uneven/ugly.**
10. As a consideration, you might want to try "faux graining" the larger patches, so you don't have big blank stained areas.
This can be achieved with patience, care, and a little MOJO in your DNA

Faux graining can be done with simple artist's pens ( various shades of brown felt pens from Michael's) and a 0.05mm black ink pen.
With that damp towel, go over the area to be fauxed. The moisture will allow you to darken the veneer up just for a few moments while you study the natural dark grain pattern leading up to the patch.
Take the 0.05mm pen and slow/carefully/lightly draw in a continuation of what nature did. Abstract lines that are not perfectly straight. Kind like signing your name after guzzling 5 REDBULLS
You will then use the brown felt pens to color the FAMOWOOD patches ONLY. Not the existing veneer! Stay within the lines!
You will have an idea of just how dark to make the patch by looking at the existing veneer while it's damp.
This will allow you to maintain an eveness of overall color after you stain the whole thing.
11.(a) AGAIN--You must have a nice clean area to work in, with good ventilation, good lighting and proper floor, skin, lung, and eye protection.
11.(b) Using the correct WATCO Danish Oil Stain/Sealer for your particular species of veneer, begin applying the WATCO in a heavy coat, using a combination of foam brushes and a green Scotchbrite pad. I use a shallow pan with about an inch of WATCO in it. A little goes a long way.
With medium pressure, and in a swirling motion (like waxing a car), apply mainly with the Scotchbrite pad, starting at the top, and moving to the sides.
When I get close to the baffle or sides, I usually inch towards them and go really slow, so I don't get excess on those painted surfaces.
12. Once you've got full coverage, go back over your FAMOWOOD patches again, just to get an extra measure of WATCO to penetrate. Let the WATCO absorb into the veneer for 10-20 mins. You can tell that you're ready to wipe them down when you see that most all the WATCO has been absorbed, leaving only the heaviest spots. Repeat if needed. I like to use a darker shade of WATCO if there are a lot of problems with the veneer before restoration, plus, I like my Walnut really deep and dark
13. I use a DARK CLOTH(s) to wipe off the stain because of the fact that the grain will catch little snags of the cloth, and if they're white/light, you'll spend a lot of time picking them out. If you use a dark cloth, not so much.
Now look at your BABIES!!!!

SWEET! Damn, that was so friggin EASY, I can't believe I was a little intimidated before!
I've been a fine finish man for 22 years. Done multi million$$ homes and commercial complexes. For me, this is the best way to get a superb result. Yeah, I could do super exotic dyes and other methods, and have. This is a great DIY'er method. No extra-special tools or talent is needed. The products are available at Home Depot (Tony Stewart Fans) , Lowes (Jimmie Johnson Fans), or Orchard Supply (Good 'ol boys).
For a superior JBL style black baffle restoration, lightly sand with a Scotchbrite pad, spray with DEAD FLAT BLACK aerosol paint, and then use SATIN DEFT in a few light coats, while in the shade, and/or cooler area that is WELL VENTILATED, so it doesn't FLASH DRY and look blotchy. Now tell me that doesn't look stone stock, right Brother?**Note** This must be done before you stain because you must mask off the veneer**
Finally, I offer two more steps to choose from if you want a nice matte luster/glow to the wood
and protect it too.
The first is to apply a generous amount of MINIWAX brand WOOD CONDITIONER PASTE WAX
in a cool area so it doesn't dry! Bitch if it does :yes:, and then buffing it off, leaving none behind but that which is
in the grain
I've taken it a step further and applied several coats of DEFT SATIN Lacquer over the top of that, and then using a dampened Scotchbrite pad, EXTREME CARE, CAUTION and experience, burnish it to that lovely MATTE luster that an old, well taken care of pair of speakers has (patina-deluxe. Look at the depth and luster of my L220's in the posted pictures in this thread: post #93
http://audiokarma.org/forums/showthread.php?p=1222376#post1222376 . Nice huh?)
I do hope this is all clear enough to understand. Moreover, I hope it helps you bring some of those vintage beauties back to their proper glory. I'm here if you need me. Best wishes and good luck, Steve Gonzales