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When you are dealing with uneven floors, one option that you have is to use self-leveling compound. This compound can potentially be utilized on a concrete slab or a wood subfloor, and it works well when you are dealing with dips in the floor. Self-leveling compound is similar to concrete, typically coming in large bags in powder form. You mix it with water in a bucket until it creates a thick paste. You can then spread it out on the floor in the affected areas. It will find the lowest areas of the floor and work to level out the subfloor.
You can remove and replace the bad pieces. You don’t even have to replace full sheets. Just cut the bad sections back to the studs. The one thing that is important is to make sure none of the seams are lined up next to each other. Use construction adhesive and screws (instead of nails) to help prevent squeaking.
You could use a wood shaver on those spots. Stanley sells them for about $6.00 or $7.00.