Well, after much reading and worrying, in spite of the somewhat dire prognoses from the restoration sages here (for which I am thankful) and with the encouragement from others, I decided to keep her and see what a little handsanding can accomplish. I've still got a long way to go and there is a little bit of pitting. But the good news is that:

1. There is no heat damage (I think)
2. Pitting is localized to the top of the spine

Each side before and after 1 hour of sanding @ 220 grit: