Come into the light
LOL, seriously though, there is a product on the market that does it all and is the easiest finish I have found to apply. Arrow's wood finish is a sealer, filler, oil, finish and waterproofer all in a bottle and it goes on very easily and does a better job than true oil or Tung oil or any other finish and you don't
have to use steel wool that will get into the grain and leave a mess either. I use sandpaper to rub it into the wood on the first couple of coats and then I wipe it dry with a clean cloth. The next few coats are hand rubbed and buffed dry. Here's some of the results that takes less than a week to finish and is tough as it gets and can easily repair other types of finish.
http://www.solisearch.net/ims/pic.php?u=182726oEkr&i=115782
This is one I used a mix of Dark Raw Tung, Raw Tung, and Blo and then I used the Arrow's over it.
This is just the Arrow's and I left it in a matte finish by controlling the grit of the sandpaper to just 600 grit.
http://www.solisearch.net/ims/pic.php?u=182726oEkr&i=115783
Here's one ready to be checkered:
http://www.solisearch.net/ims/pic.php?u=182726oEkr&i=151653
Here's another one that is for a Schmidt Rueben 1911:
http://www.solisearch.net/ims/pic.php?u=182726oEkr&i=243635
Like I said, I strip the finish off before I start using the Zip Strip because this finish will seal the pores, fill the grain, and give you the best oil finish that is waterproof that I have found. You can go over an existing finish to repair chips and dings and not be able to tell where the repair is or you can do a complete restore in less than a week. My oil finishes used to take a couple of months to cure plus I would rub them out using pumice and rottenstone. With Arrow's, that isn't necessary unless you just like to do it. Give it a try if you want to. I got tired of picking out little slivers of steel wool and I also got tired of the waiting.