it doesn't stink everything up, or eat flesh
That is not the way to "start to get all the deep gouges out"need to put in a little more work
Start with a shaping plane(this one works well http://www.sears.com/shc/s/p_10153_12605_00937745000P?vName=Tools&cName=Hand+Tools&sName=View+All) to get all your deep gouges and scratches out.
IMHO That's the only way to properly remove dents and dings. Don't just start removing wood. You "steam" the dents out first, then all it should take is a little bit of sandpaper to completely remove them, and prep the wood for new finish.Use an iron and a damp rag to pull the dents, sand with 100 grit sandpaper to 400 grit and see what you end up with, then if your happy with the quality of the wood and the surface smoothness