Roundsworth:
If I were you (and I'm not) I would "anchor" those knots before finishing the stock. In other words, knots will expand and/or contract at a different rate than the surrounding wood. And they often "pop up" after a few years. Best medicine I've found is Hot Stuff glue or black Acra-Glas. You don't need much, but enough to get down between the knot and nearby wood. Then sand and finish normally.
As for acetone... some is OK. But a lot of it... think a minute. It's an oil distillate. And does no good for cellulose structure (wood).
Best, Kensal
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