Need advice before I ruin this turning.

This is spalted maple.
As you can see, it had some sort of worm which bored through a lot of it.
I like the holes and would like to fill them with something.

Here is what I plan to do and what I’m looking for.
A light blue dye and some crushed red coral or maybe some either blue flakes or some other color.

I was toying with the idea of shellacing the whole piece before I introduce any glue for the fill so I need advice there, to shellac, or not to shellac first to fill the grain.

Second, I want to fill in these holes but I don’t want the filler to come flush, I want to use epoxy and colored stone to do the finishing but something has to fill those holes up. What?

I dare not turn it any deeper for fear it will break. The lip will be a little thinner though.

Any other advice is appreciated. I don’t want to mess this piece up, it’s pretty.

-- A positive attitude will take you much further than positive thinking ever will.