On the oil soaked stock, Whiting, mixed with just enough Acetone to make a thick slurry or paste, will draw it out. Acetone is not a solvent for shellac. Shellac has the ability to "layer" very well, so that any patching of thin or worn spots will adhere very well. Use the "De-waxed" flakes and mix in a glass screw-top jar. It can be mixed ahead and seems to keep for quite a while. Use an inexpensive pure bristle brush as the acetone WILL destroy almost any synthetic bristle throwaway brush. It doesn't seem to affect natural dye type stains that much, but try it in an out of the way place first.
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