I use the oil first to bring out the grain, works for me. This and other methods are in James V Howe's excellent book Modern Gunsmithing (1954?). I have found all of his methods and formula to work beautifully.

His formula for slacum works very well once you have filled the stock with varnish. The formula with burnt umber in it gives the London Oil finish look very well. His mix with a couple of ounces of Shellac helps it to stick to Poly or other slick plastic like finishes. It also rubs out well to a nice satin finish. His method is to apply the oil on with a buffing wheel. I have done this and also done it with rottenstone added and will never go back to the hand rubbing method except for initial build up coats. When done with rotten stone the stock is polished as well as having the pores filled. Works great on table tops too. I won't go into the details best to read the book.

On Maple the guitar guys use, Poly Acrylic, Automotive Clear Coat or Lacquer when they want to keep the wood white.

"When you disarm the people, you commence to offend them and show that you distrust them either through cowardice or lack of confidence, and both of these opinions generate hatred." Niccolo Machiavelli