I did a whole Garand stock that way once. Slow but effective. Note the tip on warming the wood. After the alcohol had evaporated (that's important) but while the dust was still holding its coating shape on the wood, I actually put mine into a low oven at about 150° to drive more of the oil up into the chalk.
Agricultural lime works, too. It is also calcium carbonate (chalk), though it isn't always quite as fine. Very cheap. The most effective is fumed silica dust, because it has the most surface area, but it isn't as cheap. Unless you can get it at work, don't bother.