Once you re-cut the checkering, the wood in the panels will be lighter than the rest of the stock because you will have cut away some of the stain and varnish from the original finish. I found an old, 1960s-era, Outer's stock finish kit which contained stain which pretty closely matched the original Model 70 stain so I put a coat of that in the checkering panels. After letting it dry for the day, it looked like the original stain. I then used a bottle of oil from the same kit and gave the checkering panels a good coat of oil and then the entire stock a coat of oil. I'm looking at the rifle right now and it doesn't look too shabby. You'll be surprised how sharp a freshly-cut diamond feels, almost sharp enough to cut your hand. Midway and Brownells should have all of the stuff you need to do a good job on the stock.
Another thing you might want to check is how well the wood is sealed. This particular rifle had a lot of bare spots, especially in the action mortise. While I had the barreled-action out of the stock, I bought a can of spar varnish and gave the entire barrel channel/action mortise area a good coat. I also took off the steel butt plate and coated that area. I now have a very functional, nice looking rifle which required only a little elbow grease.
