This is very interesting approach.
The reason I asked, I noticed on your last photo (post #293) that wood looks much lighter now then it is in original SP-3500. I like lighter color. It this the result of sanding, bleaching, or both?
In other words, does bleaching only "equals" wood or it actually makes it lighter?
I like lighter color too, this is why I moved to the Neutral Danish Oil versus the Medium or Dark Walnut Danish Oil. I like to see the wood, the grain, colors and contrast.
Generally speaking, if you have old veneer that's seen some battle time, scratches, pock marks and a few gouges, you need to sand it. The Sansuis have a clear lacquer, so that needs to be sanded off (I used grit 100 sandpaper). As you go through the lacquer (white dust), you get down to the walnut veneer (brown dust((I used 150 grit)). Once that's taken care of and it looks good, you start with bleaching. Your sanding is mostly done and the bleaching has taken care of artifacts in the color, nice and smooth looking!
Next, I'll come back with an over-all final sanding with 180. Smooth as a baby's bottom, color is even, time for oil or stain then a clear coat if that's the way you want to go.
As you can probably guess, that's the severely shortened version. If you want to know more, there are absolutely tons of threads here that go in to great detail about the restoration of vintage loudspeakers. I am by NO means The Go To Guy here for that. There are many ways of doing the same thing, one just needs to find out what works best for you. This procedure works well for me, I get the results I'm looking for.
It's 8:23am here and the sun ain't out yet. Am going to wait until I can get some sun to warm things up a bit. I want the pores of the veneer to be open a bit to accept as much oil as they can. For the oil to be warm and thin enough to really saturate the dry veneer. It's cool, overcast and it's no fun being outside at the moment. Our typical summer!
Biggles