Ream it the same as you would a briar bowl, just be more careful. You can wipe the bowl, inside and out with a paper towel dampened with alcohol, but don't soak it. The small amount of alcohol shouldn't soften the meerschaum, but if it does, just let it dry out. It will harden up again, same as before.
Where is it chipped? On the rim? You can reshape it on a lathe, if you dare. I've done it before, but it's dicey. You run the risk of crushing the bowl in the chuck if you overtighten it, and/or the bowl can come flying out of the chuck if it's undertightened. The safest way to remove small chips/nicks is to carefully sand them out. Meerschaum sands
very easily, so start with 220 or 320 grit.
If you're really intent on refurbing the meerschaum, you can soak it in hot melted beeswax. I usually just soak the "mushroom" domed rim. If there's any visible wax on the surface after you've done soaking it, just use a heat gun or hairdryer to melt the wax into the meerschaum. You can use the more expensive cosmetic grade white beeswax, but since the idea is to colour/darken the meerschaum, you might just as well use the cheaper yellow beeswax, especially if the meerschaum has already started to colour.
The only way to get that glasslike shine is to burnish it with the
Micro-Mesh series emery cloths, all the way to 12000 grit (approx. 4000 US). I could tell you not to bother buffing it on a wheel, but you'll be tempted to try anyway, so go ahead. You'll reduce the shine to a semi-gloss and will have to reburnish it.
The above is based on my personal experience/tinkering, probably way more than you wanted to know. The management accepts no resposibilty for 3rd party injuries sustained from meerschaum projectiles.
