I've jusr finished re-finishing a '74 Bear super Grizzly in about the same condition. All I did was sand off all the old laquer with 100grit sandpaper (be real careful not to take off too much glass, you'll hear the difference) I then re-sanded with 240 grit.
The riser got 4 coats of Birchwood Casey Tru-Oil, hand rubbed. Once that was dry & all the grain filled, I went over it very gently with some 600 grit wet & dry. I sprayed the whole bow then, with 6 coats of Tru-Oil (from an aerosol), dried for 48 hours &flatted with 600gr again, then finished with 4 final coats.
The finish is like glass! It needs another 24 hours to fully cure & then I'll take a few pics, if anyone's interested.
"My greatest fear in life is that when I die, my Wife sells all my stuff for what I told her I paid for it"