Although Glenn seems to do a lot more advanced wood repairs than many, I'll mention this and see if it gets shot down.
When I get a 25-40 year old originally oiled walnut finished speaker, I like to clean it with acetone and a couple rags. This frequently blackens the rags as all that dirt, oil, dust and accumulation of crud from new is removed down to the nice veneer. I don't soak the speaker, just clean it well. Then a 320 or higher sanding, a quick wipe again to remove the dust and then the Watco Danish Oil Finish. I don't follow the one AKers recommendation, a couple coats per directions, once a day for a week and then once a week for a month or two and WOW. I stop a few steps before that and am very happy with the results.
Grilles get a nice tub bath with a proper soap, dishwashing liquid or laundry detergent and then dried quickly pressing them in towels.
Dang your Dynaco badges are nearly the total cost of admission. Great bedroom speakers.