Stan, Richard, et al;
There are all kinds of way to repair a butt stock for the subject issue and it is good to see all these comments and experiences. It brings to my mind what I did a decade or so back with a Birmingham made A&D (boxlock) gun. The internal wood of the gun was falling apart, but the outer layer of the hand of the stock of about 1/4 inch thick was good. I cut the center of the hand of the stock out and fitted an oak insert glued in place; then re-inletted the hand of the stock to the action. I am satisfied that others have done the same.
Modern adhesives are marvelous, and certainly a compound of walnut dust and the proper adhesives is worth the time and effort to use.
Kind Regards;
Stephen Howell