First-- many thanks for the earlier detailed thread on Tru-Oil, especially to Tom. I wouldn't be here without having read that a few times!
I spent the weekend doing a Tru-Oil finish on my neck. I'm pretty happy with it right now. I'm going to let it sit for at least two weeks before final buffing. The schedule is as follows:
1) Sand the neck to 220, wash with naphtha to raise the grain and sand to 400 dry.
2) Stain with Min-Wax 'red mahogany'.
3) Seal with fresh shellac (one coat -- will do three coats over stain next time :) )
4) Level shellac with 400 wet in turpentine -- be really carefull to not go through stain!! Don't ask me how I know.
5) Put on coat of Tru-Oil with fingers -- rub in really good -- let dry for 2 hours -- level with 0000 steel wool wetted in turpentine -- clean with naphtha.
6) Repeat step five 10 or 12 times!
Here is a photo, though it is difficult for my photographic skills to show what it is like.