Latest update on the V - I've been patiently putting on layers of tung oil (currently about 10 coats, waiting 4-5 days between each coat), and I think I'm getting close. Maybe another coat or two and then I'll let it cure for a few weeks. It's been coming along nicely, and once I finish up the last coat I'll be sure to post pics so everybody can see how it looks.
I'll probably start assembling it in 3-4 weeks. I have all of the parts now - ordered the Rio Grande TX/BBQ set for P/U's based on all of the recommendations here...can't wait to hear how they sound!
On the balance question - I guess I'll wait until final assembly is complete and then try taping the strap to a few places to check the balance before I drill the holes for the strap buttons. It "seemed" pretty well balanced when I put the neck on before finishing, but that was w/o hardware...hopefully there won't be any issues.