I've got a Squier that someone stripped the original black paint and stained it. The problem is, that they did a horrible job. So I sanded it a bit and applied tinted Tru-oil.
TruOil is pretty thin. I usually sand every 3 coats or so lightly with wet-or-dry sandpaper lubed with water and a drop of soap to cut the surface tension. Wipe often to check your progress.
I've also had good luck getting a mirror finish with Tru-oil. It takes some work, but isn't really hard . . . just time consuming. Comes out great in the end.
