I've done a few Tru Oil finishes, my last one here: http://www.canadiangunnutz.com/forum/showthread.php/1260584-Ruger-44-Carbine-Refinish
Post 24 in that thread describes how I applied it. Always used my fingers, coats got thinner as I went higher in numbers, and I wet sanded with water in between coats after the 4th coat. I didn't worry too much about any imperfections as I knew I would knock them down on my final coats by lots of slow sanding using 2000 grit. I find with Tru Oil, you need to work fast as you don;t want to start rubbing on the oil that is starting to dry or it clumps it.
Very nice job and thanks for the info. If you have time could you please elaborate on this comment
The final coat I diluted the Tru-oil with mineral spirits and put on a very thin coat - let that dry for 12 days and then I polished out any finger streaks from that final coat.
I'm wondering what ratio of dilution, and what method you used to polish. I can see how diluting would make the final coat easier, after a while I found the viscosity of the tru oil changed, making it thicker and harder to apply evenly, I started a new bottle and the problem went away. After trying every conceivable method of application, foam brushes, paint brushes, cloth, finger, I've finally found the best method for me seems to be coffee filters, I'm using one filter to apply liberally to the whole stock, then I take a dry filter, place it flat in the palm of my hand, and wipe from one end of the wood to the other in a long smooth stroke. If I crumple up the filter the ridges will leave streaks, so I leave it flat and apply even pressure, that way there is no one point that digs in deeper than others and leave fine lines on the surface. After each application I'm wiping nearly all of the oil off to the point where really all I have done is moisten the whole surface evenly with the oil.
I lost count at some point but I'm around 25 coats in, I've abandoned the steel wool, I do three or four very thin coats and then a light wet sanding, the look and consistency improve with every cycle. It still doesn't look like the pictures you posted with the very high reflective finish but that's ok, I like the way it looks currently, I'm just trying to work out the last imperfections now and then I'm ready to polish and wax.
