Just bought a 27-2 (1975) with target grips. I used renaissance wax and they look great except for the football cutout. It has a milky look. After looking at several posts on this subject, I think I know what to do but would like your opinions on my approach. Seems that steel wool used just on the cutout with a rubbing of tru-oil might be the ticket. Is this correct- I am totally stupid to this. Any help would be appreciated as I don't want to mess this beauty up.
Thanks.

You might want to try something like "Restore-A-Finish" first. Something that works on water rings.

But first make sure the milky appearance is not from some dried on wax. It might wipe off with a tooth brush.

For more serious repairs, I like Arrow Wood Finish as a first shot.

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My sgntr is mor thn 30 chrctrs

Try Mothers Mag wheel Polish and blue shop paper towel to polish out the lacquer , varnish finish , A little polish and rub until all the polish is gone
works great for me on new lacquered grips that i make.