Is there typically a laquer coat that is what is actually chipping? Do I need to re-laquer or anything?It looks and sounds like the spot is a burn mark from a cigarette or something like it. I have a couple bags that have similar spots and sound just like yours.
As far as the springlock goes, I use 0 or 00 steel wool first then finish with 0000 steel wool. I do this before the bags get a bath with some vinegar and by the time I finish with polishing cloths you can’t even tell steel wool was involved. If you’re looking for more of a mirror finish, I would use mothers polish by hand.