I'd be careful with the steel wool rubbing, and I'd for sure use the wax, and I really don't think that you could rub all the way through the finish with 0000 steel wool unless you really went to town on it hard. And as for taking all the finish off and then redoing it in oil, I don't think that's what the poster had in mind. All that's desired is to take the shine off the finish, and you can do that in several ways. Any way that you choose, I'd still go real slow. You can always take a bit more finish and/or shine off, but you can't put it back. And, regarding painting on a grain pattern, I've had to do that once. Really cheap wood on a beat up old 22 LR. I took the nasty old finish leftovers off, but what I had left to work with wasn't figured Walnut. More like cheap yellowish beech or something similar. I could not make that wood look good, try as I might, so I finally put a couple coats of shellac on it to seal the wood and then I took some walnut colored wipe-on finish and 'painted' it carefully on top of the shellac, using soft T shirt cotton. I had to wipe it clean and restart a couple of times, but I finally figured out how to make it look good. then 2 more coats of shellac and some wax and 0000 steel wool. It wasn't a presentation grade result, but not bad for a 22 worth maybe 25 bucks.