Brad, I've been a blue collar worker all my life. But I do have an insatiable desire to learn how to do just about everything than can be learned. I spent the last 20yrs working with and finishing wood. I also started collecting antique books on finishing and the chemistry of formulation. Needless to say I don't get invited to many parties
So if you plan on stabilizing the piece, skip the boric acid and use sodium silicate on it. It will serve both purposes. I made some not too long ago for a refractory cement additive, its easy to make. You need 100% lye and silica gel beads. I cooked mine in a thrift store crock pot. I had some left over and put it on some wood samples for fun. It did not change the look much, which would be good for your piece.
I remember reading about adding sodium bicarb to the mix to help with waterproofing. You would have to research that.