Also have you tried gorilla wood glue, the type you use with water? I have used it a lot in remodeling historical homes and other major wood repairs, stuff is fantastic and blends well.
Thanks for all of the nice comments. I am going to stick with paint as to me, a quality repair, is the one you can't see. And when I started this repair it was with the idea that function and strength of the repair overrode the finish quality.
That being said, I have applied a based coat of light brown to even out the color and also allow me to see (and fix) any imperfections before moving to the final colors. At this point I think I am leaning away from the blue and heading more towards a rusty reddish color with black trim. (See the paint bucket in the bottom left of the pic under the radio) Still not sure yet.
That light brown don't look too shabby in my opinion.
But I'm also prejudiced against red-colored wood. I've had some bad luck with mahogany breaking along the grain (kitchen chairs and a Gibson SG guitar neck). A moot point, but it still affects my opinion.
I'd also be conservative with the trim area, although you could also paint the base of the grip to match the fore and buttstock trim. You might look around at expensive (or older) hunting rifles to get a few ideas. I bought a Remington 700 BDL in '73 that was a beautiful gun.
You might also look into checkering, but that's a whole 'nuther deal.
You might also consider a clear polyurethane coat when finished, to help protect the paint and give it a higher sheen. Just make sure the paint is good and dry.
I am sure it will look fantastic when done! Looking at the back ground, are you remodeling your house or are you at work elsewhere?
I started in residential construction in 1995 and we framed a couple houses before going on about a 10 year stretch remodeling a bunch of homes in Nichols hills and Heritage hills, it is what I enjoyed the most in the business. Nothing quite like taking something old and bringing it back to it's former glory!! Dirty work but extremely satisfying!!
"Renting" a room from a friend in exchange for remodeling his house. Working on the laundry room/spare room at the moment. Had it down to studs and fixed electrical and widened the doorway I have the stock hanging in. Now have sheetrock done and starting to paint.
And here is what I think will be the final color of the stock.
This is a textured paint. I will lightly buff it to take off the sandpaper like feel but leaving it textured. Then lightly varnish it. The idea is it will be smooth yet textured and have some grip to it.