Place softened butter in a medium bowl. Add dip mix and combine well. Cover and refrigerate.
Preheat oven to 425 degrees F.
Scrub and dry potatoes. Peel, if desired. Using a slicing guide, slice the potatoes about three quarters of the way down, leaving the base of the potato uncut. Place in a baking dish and brush the potatoes with about half the compound butter. Season with salt & pepper to taste.
Bake for about 30 minutes. Remove from oven and brush with remaining compound butter, being sure to get between the slices. Bake for another 30-40 minutes or until tender.