Here's the thing about relicing, it sucks with newer guitars with a non-nitrocellulose paint. The paint is much thicker, and the things you would do don't look as good as they would on a nitro guitar, but if you're really interested, I'll tell you a couple things:
To get the cracks in the finish, or checking, you need to purchase a can or two of compressed air(keyboard cleaner). Hold the can upside-down, and spray the body. You will hear God-aweful creeking and cracking. When you are done, the cracks in the paint will be there. They look much deeper in the polyester paint though, and it doesn't really look like the checking you would see in a naturally aged nitro guitar.
Go over the entire guitar with a Scotch brite pad, or fine steel wool. Then hit it with some rubbing compound and polishing compound to bring back the shine. The point of this is not to make it dull, but to add some swirls in the finish and make it look older.
Find the point where your arm rubs the top of the body, and rub through the paint to the wood with some sandpaper.
Whack the body with some keys in a couple spots prone to getting hit with things(the back edge of the guitar, and the bottom edge by the jack) Just a few.
The key to this is not to over-do it. Subtlety is the key with this kind of thing. I would just skip the body-checking thing altogether, as this is not a pheonomonon usually associated with the type of finish you have on your guitar.
I have done a couple guitars myself. I overdid it on the first one, and just did a little on the second, and moderation is much better.
Here's an example:
This is the last one I did. After doing it twice now, I have to say that I really don't believe it's worth it.
Believe me I'm EBMM all the way myself but my oldest friend is all about the Peavey, and much as it lacks the finesse of the Axis/EVH IMHO the Peavey is still a good guitar.
At the end of the day though, it's just not an EBMM,
Ah, have I just talked myself round to agreeing with you ?