My experiments tend to show that simpler is best. I developed a variation of the Newell method that uses varnish to build up a humidity blocking layer in the wood and then proceeds with artist linseed oil as the surface finish.
A report by the US Forestry Service graded wood finishes according to the protection from water spray they provide. Epoxy finishes are top, oil finishes bottom. Since oil finishes are the best looking, we choose them for our stocks, knowing that they lack protection. The modified Newell method seems like a good compromise.
In my experience the prepping of the wood is the most important part, and Erland's description "not feeling the wood" is spot on. With the surface that well prepped any drying oil will do.
