Your stock may be a smaller piece of wood compared to a end table or dining room set , but it is a fine piece of wood and should be treated as such.
Yes finishing can be boiled down to a few simple steps, BUT those steps are more involved than most people think. Your sanding a piece that has many curves and sharp edges. The inletting areas require special care. The over all condition of the wood will tell you what grades of sanding paper to use.
The final finish can be anything from a spray on poly to many hand rubbed coats of a oil finish.
Start reading about stock finishing and you will find more ways to refinish a stock than there are chances in the lottery.