Update time. I've been making some progress and I am extremely happy with the result. As you might be able to see, the guitar looks like it's very raw because of the wild grain. But the tru oil has actually been applied very evenly, i.e. it's like looking at the wild grain through super clean glass without giving it the over-the-top lacquer vibe.
I applied 21 coats of Tru Oil. After coat 5, I sanded down with 400 and 600 grit (which I slightly regret because the guitar got a tiny bit less dark in the process). After coat 18, I applied 0000 steel wool which didn't make any difference whatsoever (but I still felt like trying). Once again, I was able to confirm that the number one rule with tru-oil is to apply coats as thinly as possible. In my opinion, if you are diligent with thin coats, you absolutely don't need any sanding in between. But yeah, we all know, there are as many methods to apply tru oil as there are tru oil users
Here's the result of the body. Will post the neck tomorrow (forgot to take a picture this morning):
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