I have been refinishing a few stock lately. I prefer Walnut and I dislike staining them.
My pop showed me how to do it a few years back
He used boiled linseed, but later switched to lin-SPEED oil. Today TRU-oil is about the same. But the process was much as HWB13 describes. The few of his rifles I have are still beautiful and almost as nice as they where way back when he refinished them. This process peoduced beautiful results but at such a LOOOONG time I don't do it.
Today my first preferance is Formbys tung oil. But TRU-oil also does a nice job.
I start by removing all traces of previous finish. Personally, I do not like strippers. Depending on the damage to the stock will determine the grit I begin with but its never more than 80g. Usually I choose 100g, in any event I next go to 150, usually twice, second time after wiping with a damp cloth to whisker the wood. Then to 220 again twice and again with wet cloth wipe down between. Then I begin with the steel wool. First with 00Grade and last with 0000 grade.
Also, I use my fingers and rub the coats in. NO brushes or rags are ever used on my stocks. The first coat of oil soaks faster, so I usually coat twice before taking it back to wood with light applications of 320g paper. The I coat and remove it with 000 steel wool. With the Tung or TRU I can usually get two coats a day with about 12hrs between coats.
I almost always do a min of 6 coats and 10 is not out of the question. Seems all stocks are different. The last coat gets a rub down with 0000 wool and WD40. It nicely knocks down the sheen leaving a pleasing matte finish. Generally speaking I can finish a shock in a week.Once finished, about a week it hardens up ready for use.
What you will get is a smooth finish with zero pores or imperfections.
CW