I would guess the ebony insert in the buttstock is a repair, as I've never seen another like that in person, or pics. I'ts a very nice touch though, and I'd be happy with it.
I used to use nothing but Pilkington's Laurel Mtn. Permalyn sealer, but at $30 a can I decided to look at other options. I have switched to Minn Wax Wipe On Poly, which is a very similar product, and gives equal results at lower cost. I did the Hepburn in WOP satin, and wet sanded about 12 coats into the wood. The first 4 coats pretty much soaked up the finish, and after that it began to get a buildup of nice sheen.
After the final coat I like to rub the stocks with rotten stone solution on a rag to get a glass like finish. Then I buff with Minn Wax paste to a nice sheen.

Got some polishing done on the receiver and lever and are off to Dale Woody for final polish, remarking and some engraving.

Photo of Hepburn before. It had been blued over pitting.

Beautiful. Am looking forward to getting mine back. Have decided to go with some (minimal) engraving and case-coloring the receiver/trigger guard and blued everywhere else. Am thinking something in the style of the rifle shown on page 126 of Roy Marcot's Rolling Block book.

New wood is with Millard Hixson who is fitting and finishing the wood. Am starting to get excited.

I had to go through thread again as I am amazed at the diligence going into these restorations and the wonderful documentation you are adding with all the great pics

I have a couple questions on mine , if anyone would be so kind to answer, and even though I dont have a camera or know how to post pics, I have a couple pics taken by the Dealer I bought from, that I can send by email if anyone wants to PM your email to me
Mine is stamped 32.40 M under fore stock, But for some reason it was rebored to 38-55 stamped further down the underside of barrel, visible with fore stock on.

  Also under forestock is matching ser .#  81xx , Is this a soft Barrel?
also a number stamped underneath  20xxx close to receiver. What would this be a , possible work order # for factory  rework?
I dont have the actual numbers right in front of me

Phil

Phil, Like SSShooter I missed your earlier post and questions.
I did notice on a Rock Island auction earlier this month (lot 3059) they sold a two digit (41) serial numbered Hepburn long range rifle. It had the Hepburn patent markings on the right side of the receiver. Perhaps there is something to the 2002 article you quoted about when and where they put the patent stamps.
I don't have a clue about the 20,XXX stampings under the barrel. How long is the barrel, could have had some gunsmithing work done on it, but that really doesn't explain the numbers stamped on it. That may remain a mystery. The serial number under the barrel should match the numbers on the side of the tangs. Many times, however, the lower trigger tang was replaced for one reason or another and may have a different serial number. Richard