Someone please correct me if I do not have a correct understanding of these finishes.
A parker shotgun has a french polish, which is a mixture of linseed oil and shellac. Watco, or danish oil, is not a top coat, nor does it offer any real protection from water. It is an oil varnish mixture that hardens IN the wood, so when using Watco more than one coat is unnecessary as you get limited penetration after the first coat. Watco will make wood that does not already have a protective topcoat look great, but it does not protect against water. It will stain and spot. Also, applying watco over shellac should pose problems, as the shellac should prevent the danish oil from penetrating the wood. Danish oil is really just for looks, and needs something over the top of it to protect the wood, such as shellac or poly. Some people will finish wood by applying danish oil, then shellac, and then wax it for protection. Wax can also be removed if necessary without removing a shellac finish.
I have no clue if walnut oil will penetrate a french polish/shellac finish, but it typically requires about a week to cure.
I think....
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