Hargrave if your interested, here's the method the gentleman I mentioned used to actually finish the stocks. Sounds pretty similar to yours. Regardless of the oil one chooses, this method has worked very well for me.
"... Now that the stock is prepared for finish, you will need an oil dish. We like those plastic bowls that butter or margarine comes in. They have a snap on lid. And these bowls have a big flat base, not as easy to accidentally tip over on the table. Next get some 320 and 400 WET/DRY sand paper. This is black paper. Cut it into approximately one inch squares with scissors. Pour some THINNED shop oil in your bowl.
I use my fingers to apply a sloppy wet coat of oil. Then dip one of your 320 sand paper squares into the oil, and start to sand lightly with finger tip pressure. The wet oil will act as a lubricant, and you will not be cutting much wood with this wet sanding. You will be making wood flour from your stocks wood, and using that wood flour to fill the pores. The wet sanding will force wood flour into the pores. This wet sanding will cause a black paste to form, from the sanding dust, the oil, and oxidation. By the time the paste forms, you will feel the paper wear out, quit making sanding dust. Get a fresh square of sand paper and continue. Apply a wet coat of oil over the black paste, let set 20 to 30 minutes, wipe off with a paper towel. Don’t be too particular about the wipe off, if you leave the stock a little dirty, it will do you more good than harm. LET SET TWO DAYS TO DRY. Then repeat another coat of wet sanding in, and LET DRY TWO DAYS BETWEEN EACH COAT. Put on three coats of this wet sanding in with 320, then switch to 400 sand paper and wet sand in two more coats. Your stock will now be silky smooth, and the PORES WILL BE FILLED. The better the job you do filling the pores, the faster and easier the job will be to finish. Now the job gets a lot easier, there is no more sanding. Put the stock aside for a few days or even a week, to make sure the oil has completely dried deep down in the pores.
For the finish coats use only a very small minute amount of oil, apply with your finger tips, and rub in with the heel of your hand. There should be no oil left to wipe off from finishing coats, because its all rubbed in. Again, let set two days between coats."
Good luck,
CHT