About the only time I use BLO on a stock is when I touch up a U.S. military stock, and then only for originality not because it's worth a tinker's dam. The gov't in their infinite wisdom used linseed oil (either BLO or hot raw linseed oil) not because of its superior water sealing or beautiful finish, but because it was cheap and what did they care if a stock got to be crappy. At that point the gun would just get another stock thrown on it and away it would go back into service.
Steel wool? Ha ha, it is to laugh. Anybody who has had little brown freckles develop in their stock finish after its getting wet a few times knows of the perils of tiny particles of steel wedging themselves in the wood and/or its finish. Restrict its use to indoor furniture projects, if you must, but refrain from using it on something that has a very real chance of getting wet outdoors.
