You are doing it the right way. Keep at it.
The previous owners obviously subscribed to the belief that if some oil was good, more was better.
I think the oil in yours is petroleum based. Some hammer era guns, including one I own, were oil soaked with what I believe is protein based sperm whale oil, which is exceedingly difficult to move out with any solvents I know.
If you need advise about refinishing, gluing cracks, etc, ask. At this point it would be easy to run a double line cutter through the checkering and deepen it where worn. Light touch.
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