What about filling the nicks with some wood filler first and then sanding it down to shape and adding a new coat of paint over the hoop? I have seen jcymbal doying something like that for a resto project but I would really like someone to give me a few product names and/or links for this wood filler/filter so I can try and find something locally.

I have been using bondo for everything that will be painted. I do a lot of custom cabinetry and bondo works real nice, very durable.