Here's another - its a wierd one but may actually really work (- it's apropos because I know I'll be facing the same thing):

-I assume for this technique that the wood grain of the decorative bits is running in approximately the same direction.

Firstly you must be aware of where you may to sand thru much before you get there. Before you start, take your big scoop chisel (major sharpened!) and scoop out the whole problem area!(long delicate scoop) Then sand down carefully all around making sure the hole doesn't get any bigger than the chip you removed. Glue the chip back in place - all the strips should be in exactly align!

-I think I would test this one big time before really using it, but it is just a variation of the trim carpenter concealing his finishing nail by chiselling out a scoop flap, insetting the nail, and covering it up again with the chip.

-anyway for what it's worth

mike