Leg Surgery

I'm restoring a Victorian table, whose finish is in fine condition except that one leg of its pedestal is afflicted with either dry rot or termites. I can't tell the difference.

Several chunks are gone. My question is, what's the best way to repair it? Build up the missing areas with filler, then file them to the contour, or use a mold? I have no experience with the mold process.

I have a picture which I can post if needed.