Steve,
I don't remember seeing wet sanding of raw wood in the 101 document. I refinished a 1971 Super K last summer and took all the old finish off with sanding. I used 150 grit instead of 100 because I was a little nervous about taking glass off the limbs. As described in the 101 document, the finish on the Super K's is super hard! I went through a lot of sandpaper (like Phil above, I started with 150 and ended up with 400 on the unfinished bow and then when wet sanding, I started with 600 and ended with 1,500). However, the comment about you'll know when you've got through the finish and are on the fiberglass was true. The sandpaper had a different sound to it and it was fairly straight forward for me (10 thumbed accountant). I felt it was important to get the old finish off so the new finish ended up clear. I used Minwax Satin Poly, as I didn't want a super gloss finish on my hunting bow. I only wet sanded after applying a few coats (by hand with a soft cotton cloth wiping on).
Here's a before picture of my bow. Note the yellowed finish and missing finish where the previous owner had a stick on rest over a self done Berger button (which I removed and plugged hole with hardwood dowel). When the riser was tapped for the Berger button, they must have drilled from the rest side, because they drilled through the coin on the backside. I replaced that during refinish.
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Here's a after refinish picture of riser and limbs. The white glass really popped after removing the old finish and the limbs went from a greenish gray to black color.
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And of course here's the finished product in action. A late season MI December hunt and a spike taken from the ground at the start of a snow storm.
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My only regret is when re-inking the bow specs on the riser, I was working from an enlarged picture of the originals and I wrote larger script than the actual (see the difference in the prefinished bow pic). Other than that, I was extremely pleased with the results.
Besides getting a new coin from 3 Rivers Archery, I got new decals from Al Harford (there's a post on the history/collecting forum with his contact).