Next I over-drilled the old mounting holes and inserted bungs, using 5 minute epoxy this time. After this cured, I cut the bungs off with a chisel and sanded them flat, in the process also sanding off the extra epoxy on the surface from the bungs, and what had bled out of the bubble.
Finally, the first coat of varnish is on. Yes, I know it looks about the same as the "before" picture. But please humor me and tell me it looks way better. That way I will be encouraged to put on another three or so coats.