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Good to know I'm thinking on the right lines, cheers.
I'm not in any rush, is it not possible to allow for the shrinkage and then add subsequent layers as necessary? Took that approach with some smaller issues on the one I've finished already. Used a pretty standard looking Ronseal wood filler which was easy enough to sand smooth.
The frames have a fair bit of 'character' so I'm not too bothered about it being perfect.
It's a pretty common approach.
You have to decide on a method to fill it though. The first strike of anything other than a 2 part body filler type will shrink considerably. The problem is 2 part filler is a bitch to sand or carve into shape on the corner of a moulding like that. I use a ready mixed wood filler (you can guess who makes it), let it shrink and then fill it again. It's soft enough to sand or even shape with water on a cloth. Then normally it will disappear under paint.