I suspected that there might be a better way to do this, considering the myriad options of finishes available to the woodworkers of the world. I also very much want to be faithful to (at least my impression of) the traditional appearance of a classic double-gun. With the current system I'm employing (Purdey's Warthog Stock Refinish Kit, available on line and at your favorite high-end gunshop for ~$35)I seem to be achieving that end, and in about the time frame (i.e. number of coats) you mention.
I'm near the end of their 3-stage process (Alkanet Root stain (god-bless English alchemy! I needed 4 coats, 5 might have been better), then Slackum oil, drying for 2-3-hours followed by a dusting and then hand rubbing of the provided pore-filler dust(currently at 8 coats), and all finished off with their proprietary & hand-applied (of course!) Rubbing Oil. The results so-far look pretty amazing, considering that I'm a rank amateur.
I might note that there are lots of warnings in the accompanying literature about storing any rags soaked with this stuff (evidently, there is a spontaneous combustion risk) and even further admonitions about carefully washing your hands after using it.