I'm finishing the walnut stocks on my rifle with Tru-Oil. I'm using the spray cans.
Here's a misperception about Tru-Oil- that it stays flat. It can build up a very high gloss-not PRS type gloss- but a very high gloss. It's like a varnish, but penetrates and seals the wood alot better. The secret to a very high gloss- on anything- is sealing the pores of the wood. With Tru-Oil, you can layer enough coats- sanding in between coats- to seal and level the grain- but don't expect a level PRS type automotive finish.If you wet sanded that tele a bit more, before oiling, you might be able to get a finish that's less grainy (if that's what you want).
Tru-Oil also gives a nice amber hue when used, it seems to bring out the grain and character of wood better than any finish- if you want that antique/aged look, and ages over time to a nice amber patina. Not good if you're using a non-traditional stain like some PRS finishes (blue or green, for instance).
Tru-Oil is easy to repair, but also dings easily- since it is a thin finish. Very nice for guitar necks if you use steel wool and polish it down to a smooth patina.
On my Korina strat, I layered about 10 coats of tru-oil on the body to seal and tint it, sanding between coats. Once it cured, I sprayed Dupli-color clear acrylic gloss (auto parts store) on the body for protection, again, sanding between coats to keep it thin and reduce orange peel. Again, not a PRS finish, but it keeps the body protected, while also allowing the tru-oil to age. This gave the Limba the "Korina" amber color that we're used to seeing on vintage Gibsons, not the pure white Limba I saw on recent Korina guitars, which looks like Luan.
Just my thoughts.....