That's about what I use, Stain or no stain makes a difference for me, if staining, no more then 180
4-5 coats will seal up, and give a flat / statin finish.
I have hand rubbed more like 10-12 coats on lots of guns. ,That is with Tung oil, need coffee, sorry.
Those are all light coats, rubbed till dry.
BTW ,on old Stevens and such, and old pistol grips, I try not to sand if possible. I use stripper to remove old finish.
0000 steel wool is good if you want to flatten the finish, after its dry.
Don't rush. and be careful of oily rags with oil finish on them, I toss in water, or this time of year , out side in the snow, spread out is good.
PS as R said, grit kind of depends on what you are doing, I know fellows that have gone to 320 grit, I have used that on small boxes stuff I have turned on the lathe, some of that is just a wax finish. 3M fine pads are handy for that as well.