I used a very simular method to finish a couple of stocks myself, both turned out real nice.
I used tung oil and mineral spirits 50/50 mix. *It takes approx 24 Hours to dry between coats and if you don't mind it taking a several days then it will produce a quality piece of wood. Also this method will produce a simi gloss finish, just add a few coats of Tru-Oil to achieve a gloss finish.
It's just my way of thinking but using a slow setting oil will ensure that the oil penetrates the wood as deep as possible, providing a deep finish that should last for many years.
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