G'day Alkay, how does it look when slightly damp as that should give an indication of how much the background will jump out at you once top coats go down. Looks a bit risky to sand as those caps are barely 1.0mm to 1.5mm thick.
Tend to think you may end up with 'Reverse' grain popping where the Cedar will highlight the spalted bit from stop tail piece section to strap button location and also help to bring out the other bits on the outer planks.
Wired up the J Bass and no buzzing so that worked out OK. Went to do a test wire up on the Tele using stock Chinese parts supplied and melted one of the lugs off the cheap 3 way switch without even trying which means I will have to wire the whole thing up using the upgraded parts before knowing whether it buzzes or not. Won't happen until Sunday as I have work tomorrow & Saturday and will let you know how it goes.
The shielding paint worked well on both my EX shapes and reckon it should do the same on a LP too.