The drawback is that finish will lift with the rag, so your option may be limited to a refinish, as opposed to an amalgating of the old finish. If you happen to have a flat piece of enameled iron of the old vitreous enamel type, you could use that instead of the rag, and salvage the old finish; but you would need to spray the wood with a spray of water before applying heat.
I have used this procedure to repair the veneer on a few pieces of furniture and a number of radios, some of which others would simply have made a new cabinet, or scrapped it.
: I just got a Kadette model 649 chairside whose cabinet is in pretty good shape except for an area of about 6 in. by 4 in. near the bottom. In this area, it looks as though the veneer got wet at one time, raised up/buckled, and then cracked. All the veneer is there, but I want to know is there a way to soften to wood so that when I glue it back down it will not crack even further or perhaps chip off the veneer? I may re-finish (or amalgamate) the whole thing, but the veneer issue has to be resolved first.