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are you doing a slurry type rub, or just rubbing the stuff on and letting it dry? Makes a big difference in finish in my opinion. Doing a slurry, you use 400 grit wet dry and Tru Oil. Sand in small circles, until you get a nice dust/oil slurry mixture on the stock. Continue until entire stock is done, then rub down and let dry over night. The more coats you do, the deeper the finish. I have seen rifle stocks done this way and it is like looking into a deep pool of water.
tung oil rocks,get some 0000steel wool,and use between coats to keep smooth,dont rush it.have fun