I've refinished a lot of rifle stocks. Some take a few coats, some many. Trick is to get the pores filled w/o the finish looking too glossy. I usually use 400 or 500 grit paper to knock the sheen off. I don't like steel wool because it can stick in the pores or pull finish out of the pores. Buff with pumice or cloth.

forearm done
 

Well, I finished up the forearm and put it back together. Its on the left, the forearm to my DH is on the right.

It probably doesn't look original to people who are used to looking at these, but I am happy, it looks good.

Now, when I have a chance I can start on the stock :)

It was actually a lot harder to put the forearm back together.

I didn't realize the spring under the latch had worked itself loose and I couldn't get the middle screw that goes all the way through it to go through. Thought I broke it when all of a sudden I lost all tension in the latch, but when I took it back apart and figured it out it went back together easy.

Tru Oil is very forgiving and it won't get darker and darker. It will only get shinier and shinier. Read Brian's advice carefully. He's got it nailed. If you aren't satisfied, knock it down again GENTLY with your 0000 steel wool and go at it again for another coat. I've found that I can buff these finishes after they are dry (but before they are fully cured) very nicely with a wool flannel rag. Try that, too. Just keep at it until you are satisfied. Your Tru Oil is not contaminating your stock. It is building up on the surface. It dries very quickly, and cures more slowly.

Thin tru oil 50%, 12 coats should do.

Has anyone had problems with the completed finish wearing off. It seems to be an ongoing problem with me. I've used tru-oil applied with a cotton mat. It goes on very thin and I apply approx 15 to 30 coats. Rub out is every 5 to 7 with 4-0 steel wool. I feel I'm not putting it on thick enough to build it up. Your recommendations are welcomed.

I rub it lightly with steel wool everytime. I was told this is necessary to get the multiple layers to bond.

Oil finishes need time to cure between applications. After you have applied the true oil let it set up at least over night, longer in cool temps or high humidity before you rub it out with steel wool otherwise you are pulling the finish out of the pores you are trying to fill. I prefer to build up a slurry by rubbing the oil into the wood with steel wool, let the slurry dry overnight then rub off the slurry with steel wool. If you want to speed up the drying process place a 40 wat light bulb in a drying box with the stock leave one side open to allow air circulation.

Paul,
You don't want to put it on thick. Thinner is better, in my opinion. It's possible your finish coats are not drying sufficiently before re-coating, as mentioned above. Remember, too, that the beauty of this finish is that it is almost infinitely repairable/re-coatable. It was made for gun stocks. It works well. Be patient and press on, my friend.

when am I done tru oiling my stock
 

Can someone explain "steel wool sock"? Sounds very interesting.