For a utility finish that actually looks good, I like to mix BLO with Spar Helmsman (satin). Using 220 grit, I only sand the areas that need it, then switch to wet-sanding with 320 grit using my BLO/Spar mix. Wipe the slurry with your hand, perpendicular to the grain to fill the pores. Wipe off excess - but not too much - and then let dry. Start again with wet 320 until you get back down to wood (removing all that now-hardened slurry) and switch to 400. Repeat the whole process down to 600 grit. Then use steel wool to knock back the final slurry and put on a hand-wiped coat of the mix.