I have seen other Krag stocks with similar cracks.  Given the physical characteristics of wood, the design of our beloved Krags, recoil, etc., I think the cracks are not uncommon. 

The crack will only get worse, but probably not at an alarming rate.  But will the crack impair accuracy? 

Appears that you have a collector's & historian's & Krag Lover's dilemma.  Your Krag has some known provenance.  As you wrote, if you refinish the stock, the originality will be lost.  If you replace the stock, setting aside the original, there is a distinct risk that the original stock will be lost. Plus, your Krag with provenance becomes just another repaired Krag.  We are just the present maintenance staff.  What will happen when we are no longer in charge? 

One temporary solution would appear to be retire the Krag and shoot another.  Then, when the djinn of money smiles again, you have a grand excuse to search for another Krag.

OTOH, one more summer at the range will probably not make things very much worse.

I've repaired this type of crack (very common) before with epoxy resin.  The majority of the recoil transfer to the stock is at the aft wall of the magazine well, which may generate a similar crack from an uneven fit.  The fix requires some release agent to spray on the contact area and some common epoxy.  I used a dremel tool to rout out the rear face of that area from the crack  upwards about1/4 inch and almost to the edges of the stock on both sides.  Go as deep towards the butt of the stock as you can.  1 1/2 to 2 inches will work.  You could also install a brass screw from the bottom vertically just behind of the routed out area to further stabilize the stock and cover the head with a wood plug.  After spraying the area on the receiver and magazine box with release agent, fill up the routed out area with epoxy, assemble and torque the rifle onto the stock and let it set up.  Not only will this repair your original stock, but it will also probably be slightly more accurate with the partial glass bedding at the back of the magazine box.

Note:  The routing should be done from the inside of the stock. at the bottom of the magazine well where the crack begins, and extend to about 1/8 inch of the exterior edges of the crack on the left and right sides of the stock.  With the rifle mounted on the stock, the repair would be invisible.

There is definitely oil in the crack area...  I can squeeze the stock and some oil can be observed oozing out.

The less I have to hog out, the better.  This stock has history, and I would prefer not to alter it more than necessary to affect a good strong repair.  I do shoot this rifle regularly in CMP vintage matches... and my wife has told me that it would be cheaper to replace the stock than to buy another rifle (wives don't understand anything, LOL).  Anyway, I have every intention on repairing this stock, whether I continue to use it, or put it into storage and use a replacement for matches!  Either way, any advice on a good strong repair is absolutely welcome!!!

The repair described by gnoahhh on the other forum would be allowable under CMP "as-issued" rules. Some of the others would not. The action should contact only integral wood. Just about anything that might be considered an added bedding enhancement is prohibited.

When in doubt, consult the official rule book -

4.2 As-Issued Military Rifles
4.2.1 General As-Issued Military Rifle Requirements
The following rules apply to all as-issued U. S. and foreign military rifles
unless specific exceptions are noted in these rules:
. . .
Stocks must be as-issued stocks or replacement stocks with the same
dimensions. Laminated stocks and stocks made of synthetic materials
are prohibited. Broken or cracked as-issued stocks may be repaired
with the use of epoxies or other chemical adhesives, provided the
original as-issued stock dimensions are not changed and no epoxy,
adhesive or reinforcing material is used in or on any of the bedding
surfaces for the rifle action or barrel.

Ok...  I've made a couple small wooden wedges to hold the crack open.  The most I could get the crack opened is to approximately 0.02 in., so I'm glad it's not too bad.  I used an insulin syringe to inject acetone into the cracked areas, and used compressed air (from a computer cleaning can) to aid in the drying.  I'm going to allow it to sit for 24 hours, and then repeat this. 

I'm then going to carefully drill a small hole (about 0.1 in.) on each side of the stock from the magazine well rearward along the crack about 1/4 inch from the sides of the stock and 1 in. long.  This will allow me to be able to inject epoxy into the cracked area which should spread throughout the crack.  I'll clamp it and let it cure for a while.

After the epoxy cures for a few days, I'm going to drill two holes - between the trigger slot and each trigger guard screw, and epoxy a hard wood dowel in each hole, which should provide added strength to the repair.  The dowels will be carefully measured so as to not touch the action in any way, so I don't violate any CMP rules. 

I'll photo-document the entire repair and share with everyone as I go.

You might be right about that.  I was just thinking of some added lateral strength.  I'm not set on that part of it.  I think the rest of my repair plan is good though.  Where is everyone on the wood glue vs two-part epoxy?  I'm just concerned about wood glue where the stock might eventually get wet (like if it's raining)... or if I can't get the oil dried out of the entire crack.  Obviously, I'm concerned and want this repair to be as strong as possible.