sookie_69
I hunted with exactly the same vintage of M-70 in 30-06 for many years, and completely refinished the stock many times. Refinishing your stock as pictured to looking better than new is not difficult if you have some basic handyman skills and are armed with some basic knowledge going into the project.
First off do not get hung up on what the fore end tip is made as it doesn't matter, but just for your knowledge it is plastic for the want of a better term, it sure the hell is not ebony.
Stripping the finish of this stock is fairly easy as in this time period Winchester used a finish which is easily loosened by any of the popular strippers like Polystripper. But as previous posters have warned do NOT get the stripper on the white line spacers as the stripper WILL eat the white plastic.
Forget trying to tape off the checkering as it is a real pain and will end up looking crappy in the end while the remainder of the looks great. Plan on recutting the checkering, it is not hard and it will look first class when done. You can buy the basic tools from Dembart or Brownells and there not expensive. I have always dealt with Dembart over the years, great folks and you can do it all over the phone and by mail, and they will answer any questions you may have.
First take the all the metal bits off the stock, action/barrel, sling swivels, stock bolts, just leave the recoil pad ON, most important.
Strip the finish off the stock with a stripper keeping it off the plastic spacers, just to be safe than sorry keep it off the fore end tip as well. I have never had a stripper eat a fore end tip but just in case yours is made of some thing different. Lather the stripper on, let it sit until it bubbles then wipe it off with course steel wool. It might take a couple applications. You don't have to do the checkering, but use an old tooth brush to clean all the crud out the checkering as you go to keep it as clean as possible, this will help later on when you go to recut the checkering.
Sand the stock using your own judgement and common sense. I always just used a 120 grit to start then finished up with 220. Leave the recoil pad, but plate on so you do not round the end of the butt stock off during the whole process as it will look like hell after you put it back on.
Next you will have decided what type of finish your going to apply and what the desired result is to be for the final finish. Pure oil type finish, lacquer, varnish etc. dull, semi gloss, gloss, etc. At this point I can point out that large thick books have been written on gun stock finishing and there are more recipes for stock finishes and there application than there will ever be for chocolate chip cookies.
It does not need to be all that complicated. Personally I prefer oil type finishes for there simple classic looks and ease of repairs when you get a blemish. I have had great success with, pure tung oil, and a product called Lin-Speed oil, I have used True oil in the past just to try it, it is a good finish when used with proper technic, but it is certainly not the be all to end all like many on here make it out to be. It is used a lot because Birchwood Casey has done a good job of marketing it.
A word on oils. Linseed has been the go to oil for many years. It and tung oil are the basis for many varnishes and paints etc. Tung oil also know as China oil has a much higher resistance to water than Linseed oil always has always will. The Chinese way back when used it to coat the bottoms of there ships hence the name China oil. The vast majority of commercial finish oils have been altered by use of heat (boiled Linseed oil, polymerized tung oil) and with the addition of driers to speed up drying times and to give degrees of gloss etc.
Regardless oil finishes on gun stocks take .... patience and time.... to apply properly and then more time a good month to have them dry up hard enough for bush use.
Lets say you choose True Oil as it easy to get. The oil is applied with several drops on two finger tips not slathered on with a paint brush. First step is to fill the pores of the wood. First sand the stock with 220 grit leaving the sanding dust on the stock surface. Apply a generous coat of oil all over rubbing in the mixture of oil and dust into the wood. keep the mixture out of the checkering. Brush out any that gets into the checkering with a tooth brush. Put your sand paper away it is no longer needed. Let dry for 24 hrs. Then take it back down to the wood with #0000 steel wool. Buy a big box of #0000 as you will go through lots of it. Reapply the oil only as before, let dry. Take down to the surface again with the steel wool. Keep doing this until the wood pores are completely filled. You should be able to take your finger nail a lightly drag it across the surface of the wood and not feel anything, it should be as smooth as glass. The pores are now filled and the wood sealed, but the surface of the wood is still exposed to harms way so you need some finish on the surface to give it a little protection and good looks. This is done with the application of several very "thin" coats applied one or two drops at a time with one finger tip spreading the oil around evenly and thinly, letting it dry well between coats. At any time your not satisfied take it down again with the #0000 steel. After it is well dried a good week or so you can play with very fine grit wet dry sand paper 600 grit eg. to get different gloss and smoothness effects as desired if need be. But go easy.
Checkering, at this point you can recut the checkering. You will be using single line cutters at 60' degree. Buy half doz. cutting tips as they will dull easy from the crud first encountered in the checkering. I won't go into a checkering lesson here. Get the wee instructional book or do a Utube tutorial such as on Midway USA for a few hints. It really is not difficult just a little tedious. Take your time. You will need a good adjustable head light as to give you different light angles on the checkering to help see the diamond lines better.
If you take your time, and you got at least 8 months before next hunting season, that stock should look better than the day it left the Winchester factory.
Hope this helps give you some ideas and the confidence to tackle this project with out fear. I have stated my way of doing things and the procedures and products that have worked for me over the last 46 yrs. of finishing gunstocks. Like a I stated previously there have many large books written on the subject. Good luck, enjoy the experience and take your time.