Ernest,
I just ran across you post today, and I must say so far I think your doing a great job. I have a lot of practice in turning trash into treasure, and not just with guitars. So I would like to throw a suggestion your way as to what to do with the plugs. It’s been my experience that when doing any repair you have three options. Make it seamless and invisible; not an option here. Cover it and hide it, as your thinking of doing now, and that works; or beautify it and disguise it to make it stand out. In this case that’s the direction I would be heading. I can see three ways of doing this on your guitar, and I will list them in a good, better, best order. Please keep your imagination open so you can see what I see in my minds eye.
Good: Pin striping in ether scrolls, Celtic, or tribal design covering most of the patch area and the entire seam. Not my favorite, but if done well could look ok but not great.
Better: Artwork on the patch. Think of tattoo type art. Perhaps a phoenix since your bring this back from the ashes. But then again that depends on your tastes in art.
Best: This is the one that I would go for. I would do inlays using various woods. And the inlay I see on your guitar would be keeping in Guild tradition; clusters of oak leaves and acorns. Even the patch down by the switch could be a single acorn.
Don’t be intimidated at the thought of doing inlay work. It’s really not that hard to do when the pattern is simple, and oak leaves and acorns are about as simple as it gets. And by going this route you won’t have to cover up any of that beautiful mahogany plus you’ll have a truly custom guitar. And who knows, to the right person, it could (not saying will, but could) increase what they’re willing to pay for it if you decide to sell it.
Inlay takes time and it takes some practice, but there are many great resources on how to on the web, in books, and on CD’s, as well as many luithier supply sources to obtain wonderful veneers and fillers. Think of it this way, the guitar has been tucked in the closet for the past ten years, so why rush it now? If it takes a few more months to complete and it comes out great, so what?
Well, those are my suggestion, and that's all they are…suggestions. Take them, leave them, combine them…what ever. Bottom line is that it YOUR guitar and you can do what ever you wish. Just don’t be contained in a box. Think outside the box and you may be pleasantly surprised on what you come up with.