I think it is worth trying to extend the life of expensive wooden lures and I routinely do this with my favourite Carpenter, Craftbait, Shell Shaping etc.
The results will be mixed but I think you can have some success.
For small pin prick teeth-marks, I like to put a tiny blob of basic household super glue onto the mark. This can definitely prolong the life of the finish, slow down the spread of serious hook rash etc.
For larger holes and chunks bitten out of a lure, then epoxy is the way to go. A thin layer will help.