So I made some major discoveries in refinishing on my last few restorations, first time I used stripper was on my AR11's and the results were so good that I am not going back (I am NOT a handy person..I'm an IT guy). Here is the sum of what I've learned:
1. Don't bother sanding through the veneer and fighting to remove discolorations. Just strip the entire speakers. I use citristrip which makes your home smell like oranges and is safe for indoor use. I put down a drop cloth and coat the speakers several times with citristrip and then let them sit for the majority of a day. I take a plastic square, the type used for scraping food off of dishes in the sink, and then get all the finish off which comes off in a thick goop. I also have the baffle masked off with painter's tape during this stage.
2. I wipe everything down with a bucket and damp cloth until the speakers are bare wood.
3. At this stage I lightly sand all surfaces but the baffle. I then go over the cabs with mineral spirits just to make sure I have all residue off.
4. If you have any deep scratches or pitting you put a damp cloth over it and then hit it with a hot steam iron to make the wood inside the scratch expand and make it level. Then you can sand it.
5. I stained these with two coats of minwax special walnut leaving each application for about 20-30 minutes and then thoroughly wiped all the stain off. This is important or the stain residue will jack up your poly application.
6. Wait about 24 hours.
7. In this case I used semi-gloss poly and thinned it out maybe 30-40 percent with paint thinner. I tried mineral spirits too but the paint thinner worked a lot better.
8. Apply in mega thin coats with a doubled up paper towel. The thinner keeps it from glopping and from air bubbles becoming suspended. If you use a brush or foam brush you end up applying too much and it doesn't self level well.
9. Sand with steel wool between coats if you detect roughness to the touch or see visual imperfections. Once you sand with steel wool you need to wipe with a damp cloth to remove the fragments.
10. Repeat until you're happy...with the thinned out coats they dry mostly in 30 minutes so you can wipe-on apply over and over and over.
Also if I have a corner rounded off or veneer that is chipped I use walnut colored wood filler to sculpt the new corner or fill in the small imperfection. I also have a stain stick that I use to hit really small imperfections.
I also liberally applied lemon oil repeatedly to the baffle to rehydrate the wood and then finished it with howards feed and wax which you don't have to re-apply as frequently but still need to re-apply at some point. Gave the baffle about the same level of luster as the poly did the other surface but requires maintenance.
If someone's a woodworking and give me more tips then even better.
You could call me I'm a professional furniture finisher. I did want to say your approach and technique to the finish was far better than what I generally read around here for a homebody. Your thinning and wiping the poly on is like french polishing. Applying the finish like that fills the grain and leave a thin coat on the surface. What you are doing is packing the finish into the grain. Mowhak make a wip on poly but it's not really shinny, it's called Pour-N-Wip
The use of steaming scratches prior to sanding is correct as well. It's best to steam the whole/ all surfaces, 1) it makes the project consists in its absorbency to stain and finish, 2) it pulls out old color, contaminants, waxes, leftover finish. If bleaching was needed the stemming will allow for a better bleach job.
The best tip I can give anyone finishing is to be cositant in "ALL" steps. If your not it shows in the end.
I did a quicky on these at home with the Pour-N-Wip