I believe it is pretty much a very well refined Boiled Linseed Oil (BLO) with a drying agent to speed up drying time. Some guys just use a good quality BLO and add a few drops of japan dryer. I have used Linspeed as touch up on a couple of stocks and don't really notice much difference between BLO and the Tung Oils like True Oil or Waterlox. Waterlox is supposed to be really good. I used some and must have put it on too thick because it took way too long for it to dry...
The key to these types of finish is too put it on super thin (I like to rub it in with my fingers until it is nearly dry to the touch) and let it dry completely before adding another layer. It may take 20 layers or more to build up the finish and fill in any pores (walnut has some deep pores). You will usually have a gloss finish and may need to wet sand with fine sandpaper or rub with rottenstone and oil or water every few coats to keep the finish smooth and get the final finish you want.
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