Man you're on the right track with a hand rubbed oil finish. The more coats the better. I refinished a beat to heck old Browning BBR a couple of years ago using tru oil. The hardest part was getting off the factory finish. Man Browning really lays that poly or lacquer or whatever it is on thick. The stock looked amazing when it was done. I was able to flip it into a nice upgrade for me.
Good luck and make sure to post results as you progress.