We reused the mistint paint from when we painted the column on the front porch (that reminds me I still need to build the second column).
Bringing the dresser home we filled in all the damaged areas with wood putty and then sanded using our random orbital palm sander. The sander we purchased was the cheap one from skilz for only $39. But trust me it is way better than trying to use either chemicals or *GASP* sanding by hand. Just take your time and use mutliple different levels of grit sandpaper to get the nice finish.
The most expensive part was the hardware. We could have went cheaper but by know I just wanted to be done with the project. Video below hope you enjoy.