I was thinking I would apply red oil first, then 1-2 very light, thinned coats of slacum brushed out as you suggested. Let it harden while I apply slacum to the rest of the stock over the next month or so, then touch up the checkering at that point. probably with another thinned application of oil after the diamonds are pointed up +/- a mullered or beaded border.

Seem reasonable?

Jim