A former owner of my Guild B301 decided that it was a great idea to shove an acoustic guitar strap pin into the body when the original strap button failed

. Not to mention, he also decided that a drywall screw was a great replacement for the other strap button's screw.
It has been many years since I've had this bass, but I have decided to correct this problem.
My plan right now is to rip it out using a combination of finesse and brute force, cut and carve a dowel rod to fit into the gaping hole, glue it into place and sand it. I am not sure what I will do for the finish, but matching the original finish is out of the question. I don't plan on refinishing it anytime soon, but I am thinking nail polish.
Feel free to express your distaste for this modification (or you can praise it [but please, tell me why you would praise it]). Does anyone have any tips, pointers or warnings before starting this endeavor? Honestly, any help would be much appreciated.