SlowHand
It will work fine if there is a break in the finish to allow the water/steam to get at the wood to swell it. If the finish is intact a tiny hole drilled just through the finish will allow water to get at the squashed wood.

I usually use a drop of water and a heat gun on a depression so I can monitor progress better, but the iron will actually work better. I have taken some huge dings back up to flush with no trace left. There are a lot of different finishes that will do a good job of filling the tiny drilled holes back in. I usually use a thick blend of shellac mixed to get the right color and padded on like a french polish.

For what you are looking at doing you might not need the filler. After the repairs are done go over the whole stock with a polish (I use rottenstone in oil on a felt pad usually) and then wax. It will often be impossible to find these repairs.
art

Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.