Ill start with 240 and go right down to 800 - use wt & dry paper.
If you plan on staining the stock, colron stains are water based and can be used like a wetting stage. You can also water them down and mix them to acheive the desired colour. I recently used american walnut on a vulcan stock, if I was going to use this again, Id definatily mix it with something kind of yellowy/goldy to bring some warmer tones into it.

once you have the stock sanded and stained (if you are doing that) to the desired finish, you can seal it or go straight on to the finish.
To seal, mix 50/50 spar varnish with white spirit. Apply as much of this as the wood will soak up in 15min and wipe any residual liquid off after this time. Let this set up for a couple of days to a week. Next take some 600 or so grit wet & dry and put a spot of your homemade sealer on to the wood and sand it in creating a slurry that will fill the pores of the wood as well as flattening any high spots left by the initial application. Wipe clean and let sit for a couple of days.

now you can start your finish..tru oil or boiled linseed oil. apply a drop - and I mean a single drop, and work it into the wood with your hand, spreading it out to cover.. rub until there is no surface residue - you are looking at making a film coating on the wood. let dry for a day or until completely dry to touch and repeat as many times as you want. minimum about 3 or 4 if you are just a wham bam thank you man, or many more if you plan on making sweet sweet love to your rifle and showing pictures of said love on this forum! Dont ever apply over the top of tacky or wet linseed oil, it will turn gooey and yucky.

when finished and the action is back in your baby, buff it with a soft rag and then apply turtle wax, carnuba wax or a good non abrasive paste wax to the entire gun and buff it to a gleaming finish! bingo, several weeks after you started the rewards are paid off!