I used at least four coats on my ruger and chicom shotgun, and they look gawd awful at first, but the last coat ya card it off some, oil the bejeepers out of it (to stop the rust process), let it set in a warm dry place a while (on top the fridge is good) and oddly, after several weeks of setting and several uses and normal cleaning and oiling, they git, well, brown. Aftewr a while ya git thin (or bald) spots and it looks like a right proper old gun.
I've had folks do a double take on the vaquero, thinkin' it was a genuwine old Colt.