Welp Ive finished the upper handguard and grip, still working on the lower handguard because it took a long time to get the cosmoline out. I did what you said Cornfedhusker, but didnt get complete details so hopefully I did ok.
What I did was..
day 1 steel wooled till they were very smooth then tung Oiled
day 2 another coat of tung oil
day 3 another coat of tung oil
day 4 steel wooled until the gloss was gone then Tung oiled
day 5 another coat of tung oil
day 6 Lightly steel wooled for smoothness
The tung oil I used is made by Minwax, got it from Home depot 32 oz. for $15. The steel wool was 0000, 12 pads for $3 also from home depot.