Yep, that's basically what I'm planning to do. I haven't been able to get to the store yet, but I'll try and remember to post an "after" pic here once the repair is complete.
As you can see from the pic of my Ovation above that's over 25 years old, I'm very careful about the handling of my guitars. These things are obviously way too expensive to mistreat, so I'm totally anal about their proper care.