I refinished a Tobin 12 with the Formby's tung oil last year-the stuff (green can) was on sale at the hardware store. Cheapskate that I am, I gave it a try. I've got more like 8 or 9 coats on the stock, and I just wiped it on with lint free printers cloths pilfered from work, and used Birchwood Casey's "Stock Sheen and Conditioner" to knock the gloss down. Carol at Ahlman's recheckered it. It won't ever fool anybody into thinking it is a London finish, but, the results are certainly durable, it was easy, and low buck/low effort. Not sure I'd recommend it for a spendy gun, but, poly sure holds the weather out of the wood.

I've got a few guns with real oil finishes. They are pretty. But, I think for a go-to everyday gun, poly seals up the wood a lot better. Tradition gets in the way of progress sometimes.
Best,
Ted