I used to do teak repairs on boats with sawdust and epoxy.
Belt sand a wood (teak in my case) and collect the dust in the dust collection bag.
Sand the LIGHTEST COLOR WOOD YOU HAVE... the epoxy will add a few hues of darkness.
Mix epoxy with dust.
LIGHTLY pre "wet" the receiving surface with epoxy (without dust) for maximum adhesion.
Use blue masking tape as formwork to keep the epoxy from "slumping". Let dry few hours or until thumbnail hard (i.e. can barely indent with a thumbnail)... too long will be super hard to sand. Epoxy get harder with curing.
Sand/Dremel to finish.
The dust in the finished epoxy can take SOME stain, but not as much as raw wood (i.e. remember it is a mix of epoxy (no stain) and sawdust (stain)).
Clear coat as you see fit... AFTER washing and sanding. Epoxy gives off an amine blush (think of it as a "wax" that retards stain/finish).
http://www.yachtpaint.com/usa/diy/ask-the-experts/what-is-amine-blush.aspx 
