Tom,
The nice thing about oil finishes is that the wood tells you when it
has had enough. The process I use with Watco Danish Oil is to coat,
leave for 30 minutes, coat for another 15 minutes and if there is any
residue - wipe off and let harden for 24 hours. When the wood is no
longer absorbing the oil, there will be a uniform coat of oil after
the first coat. Wipe off the residue and then let it harden for at
least a week before waxing.

I'm not a big fan of the gray synthetic mesh for finishing hardwood.
It may have the same coarseness as #000 steel wool but it doesn't have
the strength of steel wool. It doesn't seem to cut into the wood in
the same way as steel wool. I usually go to #0000 steel wool after the
3rd coat of oil but probably everyone on this newsgroup has their own
preferences.

TWS