Methods
Here is what i do and how I do it. This list is ever changing, depending on the condition of the pipe.
INSPECT! (this in my opinion is the most important thing you can do)
Why? Looking for what? What parts to I look at?
Inspect the outside of the bowl.
Look for markings, stamps etc. Why? To identify your pipe. Look, if this is one of your first pipes do you really want to tackle a 70 year old Dunhill or a James Upshall? There are companies that specialize in Pipe Restoration. If you have found that rare Dunhill or come across a James Upshall, do you really want to chance screwing it up? This may be a pipe worth sending off to a professional to have it restored.
Look for cracks. I use a magnifying lamp to inspect my pipes. Can a cracked bowl be repaired? Sure. Is the pipe worth repairing if its cracked? If not toss it in a can or bin and use it to practice rustication. If it is, well we can get into that later.
Look for discoloration around the bowl. Why? Because a dark spot or line can mean a burn out. Can burned out pipes be repaired? Sometimes. Again we can get into that later.
(see the discolored line around the thin part of the bowl?)
(upon further inspection under magnification I found a crack)
(slight pressure with my finger and POP)

BURN OUT!
Inspect the shank. Look for cracks. They can be small and will affect how the stem tenon fits. Can these be repaired? Yes.
Inspect the Stem
Look for holes, bite thrus, look for cracks. Can these be repaired? Yes. Does the stem have a stinger, inner tube, etc? I usually remove these prior to the Oxyclean bath. They get pretty gunked up, so I just drop them in alcohol and let them soak then use a bronze brush to scrub them clean.
While the stem is soaking, I ream the bowl. I ream every pipe. Why? So I can inspect the inside of the bowl. I found a cracked bowl once after reaming. The crack was huge and hidden on the outside by the rustication.
More on reaming and salt treatments shortly.
Inspect the inside of the bowl. I look for cracks. I look for bad spots, voids and places that may be thin in the wall of the bowl that may need pipe mud. (Pipe mud- a mixture of spit and cigar ash used to fill voids inside the pipe bowl)
Reaming
I have a couple reamers. The Castleford reamer which has a t handle and 4 bladed heads. And the senoir reamer. I prefer the castleford reamer. But the senoir reamer is a must for conical shaped bowls. I ream all the cake out of an estate pipe. Go slow and careful not to gouge the bowl.
Salt Treament
The salt and alcohol treatment is simple and is used to a) remove ghosting (old flavors left from tobaccos) b) to soften cake. There are about as many opinioms on how to do this as there are pipers around. Here is what I do, then I will explain a couple of variations. I ream the bowl, then using a q-tip, I plug the draught hole from the shank. Prop up the bowl so that it doesnt tip over and the alcohol doesnt run into the shank. Fill the bowl just below flush with the top with non-iodized salt then using a medicine dropper I saturate the salt with 91% isopropyl alcohol and let sit over night. Depending on how dark the salt becomes, I may clean and repeat the process. Try to not spill alcohol onto the finish of the pipe.
Now some people dont like to use salt. Fear of cracking the bowl if the salt expands. Some use cottons balls instead. Some fill the shank with salt. I prefer not to. I had a pipe that after the salt treatment in the shank, the stem become too tight. I will fill the shank if the stem is extremely loose.
Since I generally ream the bowl prior the doing the salt treament, I use the treatment to remove ghosting. Some use the treatment to soften the cake. Here is my opinion on this, it is only my opinion and is subject to change. Pipe reamers, like my Castleford reamer, has blades to cut thru the cake. The cake turns to dust and is easily dumped from the pipe. Soften cake gunks up the reamer and has to be cleaned to continue reaming and on an heavily caked pipe, you may have to use the salt treatment a few times to soften all the cake. And I would srill want to use the salt treatment to remove the ghosts on a fully reamed pipe. This process would take me days to complete.
Stems
After the stem has had its oxyclean bath and scrubbed with Mr Clean Magic Eraser. (See post below). Inspect. I have found cracks in stem that were invisible oxidized. I have found stem stamps that were not not visible.
Tip;
To protect a colored stem stamp during the oxyclean bath smear a dab of vasoline on it.
Now comes what to do with the stem. On a rare occasion I can go straight to the buffer after the Oxyclean bath but it's very rare. It almost always requires some sanding. The stem will have a brownish tint to it after the oxidation has been removed. A buffer usually isn't enough to remove it. It just makes the stem shiny, a shiny brown.
Depending on how bad it is depends on what grit I start with. Taking care not to sand off the stamp, sand the stem. The coarsest grit I use is 280. But rarely start with it. I usually start with 320 or 400. I will dry sand 400 then wet sand 400 until the entire stem is black. Then begin sanding thru the grits. 500, 1000. I sometimes skip 1000 and move to the micro mesh pads.
I have two types of micro mesh, one a square pad and the other little foam boards that look like emory boards. I sand the length of the stem with either the pad or boards depending on the shape of the stem. Now to sand the button, I use only the boards. And I try to stay 2 grits ahead. Why? Well u sand thru the progression of grits to remove the scratches from the previous grits. I sand the length of the stem but to sand the button and the crease of the button I sand across the stem. Keeping 2 grits ahead helps to sand out the scratches from going "across the grain" so to speak.
When I get to the 4000 and 6000 grits I also wet sand those. A little tip I picked up from a blog I read. By the time you get thru the 12000 grit ur stem is going to be black and shiny. Takes very little buffing at this point.
Ok so now here is where I would usually use my pipe retort. (See below). I would assemble the pipe, and check the fit of the stem the the shank. Attach my report and run a couple of vials of alcohol thru it. Then let the pipe cool and give both the bowl and the stem a thorough cleaning. Q-tips, shank brush, bristled and non bristled pipe cleaners etc. I will assume if u are gonna restore a pipe u already know how to clean one. If not I posted a pictorial thread on how to clean one here somewhere.
Now I buff with brown tripoli. I know, I know, white diamond works much butter at this point. But i haven't had much luck with white diamond yet.
I would buff both the bowl and the stem. Assemble the pipe and apply a coat of carnauba wax with my buffer. Using a soft cloth wipe the whole outside of the pipe down. U can get some streaks from the wax. Then using alcohol q-tips and pipe cleaner clean out any dust and residue from buffing from inside the bowl and the mouthpiece.
(to be continued)