check out www.antiquerestorers.com
there's a pretty good article on there about cherry finishing. I too have the same dilema, I got a cherry tele that I'm working on.
But from what I've gathered it's best to just let mother nature run its course and let the wood age to it's natural color.
Mine had a sanding sealer allready applied to it, so I'm just going to top coat it with a satin top coat and let it be.....