It all depends on how far you want to go and how much time you want to devote to the project.
Missing chips are the easiest of fixes. A good hunting ground is under the trigger guard strap for matching wood, remove what you want and replace with another piece of wood glued in its place.
Shrinkage now that calls for skill, The method is to drive a wood chisel bevel outwards about an eighth of an inch from the outside face this will lift the timber clear of the action edge. Next you make a fine timber wedge dip in glue and tap in to the split you have made, after the glue has dried cut the wedge off level with the wood. Now sand the excess wood on the outside level with the action. It sounds just like a walk in the park but it definitely isn't it needs practice and patience the corners are the very devil to get right.
