Finally finished up this little project. Always a challenge when I have to dodge rain drops. I installed the trim back into a fresh application of Boatlife teak-colored bedding compound, then installed the plugs with varnish as glue. Some folks use shellac, but varnish seems to work just as well. Gluing them in with anything stronger makes them difficult to remove next time.
To trim, set a sharp (very sharp) chisel 1/8″ proud of the surface being finished, and gently tap. The top of the plug splits away. You can do this several more times for a curved profile to pare away excess material at the edges before you begin to sand. Just don’t set the chisel too closely to the base material, or the plug may split away below the surface. I set the beveled edge of the chisel towards the eyebrow so that plug tends to split up and away from the base. After trimming with a chisel, use a small block with 150 grit sandpaper wrapped around, and sand only the proud part of the plug, as much as possible. You will certainly sand a little bit of the base material as well, but careful attention to the level of the plug will keep it to a minimum. After all is smooth and flush, coat with your finish of choice. I use Cetol on these.