I have a mahogany body I haven't finished yet, and have been reading some interesting things about potassium dichromate. Apparently, you wipe this stufff on, and it the wood starts turning a nice rusty red. You wait and once it's to the shade you want, you neutralize the chemical with a wipe down of vinegar. It has the advantage of not adding anything to the wood or finish at all - it's a chemical reaction within the wood itself. Once it's dry, you finish sand it and put some sort of transparent finish on top of that, and it's supposed to be the whip. Super-deep rust red finish that really accentuates the grain.
I think I saw where you normally get the chemical from photography shops, and it's toxic so you have to use gloves and a well-ventilated area, etc. But, it sounds interesting. You might want to Google some of those terms and see what you can learn.