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I buy and collect antique firearms and have for years and can state that the fastest way to lose a sale and intrest to a potentional buyer is to alter it by either rebluing and even worse by sanding the stock. Sanding is the GREATEST sin I know of next to drilling extra holes in the gun. It is easy to detect a sanded stock. The flaking you are describing is common on many guns as many stock finishes were spray on lacquer instead of hand rubbed oil. Also Winchester used a special stain that will be sanded off. Also when you sand a stock it no longer will be "proud" to the reciever. If you must ruin this firearm do it correctly by chemically removed the old finish, never using sandpaper, and restain with Winchester stock stain appropriate to the year of manufacture and use a spray laquer for finish. While this will reduce value it isnt as severe as sanding. Just my 2 coppers worth.
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