Mike,
It's too soon to cut back to the new buds. It's great that you have all those backbuds, but they might not develop if the tree perceives that the limb is "weak". Wait until they have grown enough to where they are strong enough to nourish the branch, and then cut the terminal ends off.
Don't rush it. Pines react well to the proper techniques applied appropriately at the right time. They react poorly to ill timed processes, or being pushed too hard when they are weak.
From the pictures, your tree looks weak. Pines need to have healthy green needles to thrive. Your tree is sparce on needles, and there appears to be significant needle cast.
From the sounds of things, it's in the road to better health, just not there yet. Give it time. Treat the tree for needle cast. Don't cut ANYTHING on this tree until you get it healthy and strong.
Boy, that sums it up about perfectly.
This tree has had EVERYTHING done wrong. From the first purchase to contorting the trunk because it had NO character to GIVING IT AWAY to people who tossed it in their yard and let it fall over and make all them twisty roots to gettin it back and then PIECEMEAL trying to admister good advice with poor understanding.
This guy has gone through the hell of BAD akadama that made itself into a bog.
Also, I "tried" pulling down-facing needles.... WHEN IT DIDN'T HAVE MANY....
to FINALLY hosing out MOST of that hell conceived Japanese murder clay and repotting TWICE last summer to first, get it out of akaclammy and then to get it INTO lava, pumice, charcoal and applying some Vance treatment. and then FINDING OUT that SUN is good for it and then puttin it IN full sun and ....THEN..... hearing that a lot of frequent fertilizer is ALSO good.
So, the pore critter has had a dose of almost EVERY wrong thing.
BUT..... in proper soil since last early fall (even though clipped back on a few limbs mistakenly RUSHING it) I think (HOPE) that maybe this year if I leave it alone, the MULTIPLE back buds (magically created against all odds) may actually come out GREEN!
Hallelujah!
Now to see if it develops some GREEN SHOOTS like the economy hasn't.
But here are some pix.
As you can see, there is a fairly good smattering of needles that have defied the odds and stayed green (note rear ones)
The other pic shows a closeup of both browny and green needles.
While I'm happy our drought is ending, I think this tree would like to see SOME sun again.
It's been about a month or more of constant gloom.
(hmmm.... if I ...air layered... it and then ..... GRAFTED it to dandelion stock....and then........
Aaaghhhh!