Right, stone to flesh, stone salve, and the like are simply not affordable for 4th level PCs.
Since Savage Tide is both fairly lethal and also piratical, I use the "lives" rule from Skull and Bones, where you have 1d4+1 "lives" and when you die, you come back shortly(usually with a far-fetched tale of how you beat the odds) with a minor inconvenience, like a lost eye, a facial scar, or a missing limb.
In this case, the PCs were short one stone salve, so I had Urol attempt to brew up a makeshift stone salve from the basilisk's eyes. The party decided that the one guy who hadn't lost a life so far would take one for the team, and he rolled on the table and got the Missing Eye(-2 init, -2 Reflex, -2 Dex-based skills).
I told the player that Urol's impromptu stone salve worked....except for one of his eyes, which was still stone. This prompted an onslaught of bad jokes from the other players (one of the PCs asked that one to take a look at a stone trap, since he 'had an eye for that sort of thing').
Personally, I thought it was a rather good solution - eye for an eye, and all that.