Sprayed on Tru Oil is really nice.
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On this guitar, I used "Golden Oak" Danish Oil to dye it, sanded in with 320 grit. Sometimes pine will get "splotchy" with dye, but with the Danish Oil you can literally sand the dye into the wood for a very even color.
Then I sprayed it with a mixture of 2 parts lacquer thinner to 1 part Tru Oil (probably the same stuff thats in the cans) and shot it with a Preval disposable sprayer. After polishing it out I applied Johnson's paste wax to really add shine to it.
Tru Oil is fairly forgiving, you can use hand applied coats to patch spots where you sand thru, etc. There aren't any toxic fumes (other than the solvents you might use to thin it). Best of all, its cheap and fairly easy to get. I get mine from Academy Sports, but the local gun shop carries it too.