I respectfully disagree. Tru-oil is capable of producing a top quality finish - high gloss or satin(matte) - whichever is desired. For best results, the wood surfaces should be as smooth and blemish-free as possible before applying the first coat. It generally takes 5 or more coats to get a final finish and each coat must be rubbed with 0000 steel wool between coats. This process eliminates small imperfections after every coat, rather than making them worse by piling additional coats over them. It also creates micro scratches in the finish that assist in properly bonding the successive layer. There is no grit of sandpaper fine enough to use on an oil finish, unless your goal is to remove it.
The Tru-oil must be applied using your fingers. It should be spread as thinly as possible. Great care should be taken to start on one side and spread the oil in overlapping sections the size of which are determined by how far the oil covers at minimal thickness. A minimum of 24 hours must be allowed between coats for proper curing. There should be no possibility of drips because the layer is far too thin to accumulate enough in one place to form a droplet.
Gun wax is useless IMHO, except perhaps for a bush fix to seal bare walnut due to a worn, scratched surface (and I'm not sure it's any good for that, either)
To the OP:
There are numerous other methodologies that should be part of this process. I've spent 20 years researching and experimenting to perfect the process. Aside from the shear volume of detail I would have to provide, I'm not about to share all that has been learned in an open forum. Since we both live in Edmonton, I'd be willing to show you how it's done, if you like. Contact me if you're interested.