I've done this one as follows, on swamp ash with a maple droptop:
1. Sand to 220
2. Wet the entire body to raise the grain
3. Sand back the whiskers
4. Repeat 1-3
5. Wet the body again - you should not get as much raised grain.
6. Apply dye to taste.
7. Allow dye to dry and then dewhisker gently - you don't want to burn through your dye.
8. Spray with shellac to seal; allow to dry overnight
9. Scuff sand - quick'n'dirty with a 320 pad
10. Apply grain filler (in this case, only on the exposed swamp ash portion, since the maple is very tight-grained).
11. Sand back, re-fill and re-sand x3 (swamp ash - jesus, what a drag to fill this stuff)
12. Apply another quick wash coat of shellac and allow to dry overnight
13. Get going on the tru-oil.
14. Next step will be to wetsand, since I have a good buildup of tru-oil, and I want a gloss finish.
The photo below shows the dye job before shellac wash coat and filling, but I think it's pretty so I just want to show off.