Given my rather enjoyable toe-dip foray into pipe restoration (http://www.cigarbum.com/forum/showth...ll=1#post46941) I decided to try it again!
IMHO the key is finding a pipe that's structurally sound -- no major gouges in the wood, a stem that fits securely and a bit that's not completely chewed. Everything else can be fixed relatively easily.
I've fallen in love with the bent bulldog style. At least a very specific, compact bent bulldog style pictured below. So I had to pick this up, a Kaywoodie Super Grain stamped 90C, indicating it was made between 1960-1963. Got it for around $20 though I could have picked it up for about $14 if some other dude hadn't wanted it almost as much as I did:
Ebay Seller's Pics
The finish and stem are pretty trashed and the rim charred but I believe the pipe looks worse in the pics than it actually is. I didn't notice any major defects in the wood and I think everything can just be sanded down lightly, restained, waxed and polished. Plus it looks like the stem's fit is exceptional for a 50 year old pipe, though it will have to be buffed thoroughly. Hopefully it will refinish well.