OK, thank you all for your good advice, especially reddogge, jack shanks, and stumpkiller. Here is an after picture.
I filled the holes with some epoxy putty, and mixed some clear epoxy with graphite to somewhat match the black fiberglass. Used a Dremel round ball to slightly countersink the holes. Just turned it with my fingers instead of using the tool, so there was a slight depression and a nice chamfer on the edges.
Added the epoxy/graphite mix so it was slightly above the level of the limb surface, then after it was mostly hardened I used a razor blade to trim it down so there wasn't as much sanding involved.
I had 400 grit and 1200 wet\\dry on hand, so that is what I used. Started with the 400 to dress the epoxy and roughen the existing finish a bit. I then used the 1200 wet (water and a little bit of soap)to finish the area. After I was done with that, the plugs were a bit lighter than I would have liked, so I used a dab of black lacquer paint on them, then dressed the paint down with the 1200 grit wet.
3 thin coats of Tru Oil, and there you go.
Ron