Its been a lot of years since I tried to refinish stocks but I used to use Minwax in either as a mixture, or applied at different times to get the color I wanted, using Golden Pecan, Special Walnut, Red Oak stains.  Really depends on how dark or lite the wood is when you remove the original finish.  I’ve used Formbys Furniture Refinisher to remove the old varnish but tried to leave as much of the original stain intact.  Thought about experimenting with some of the Fieblings leather dyes one of these days should the opportunity arise–but have found if using to touch up something they can leave a blemish because they will remove the oil finish, maybe because they are alcohol based.  One or two coats of tung oil applied when finished and let cure.  Then maybe takes some boiled lindseed oil with some pumice on a cloth to thin down the tung oil finish.  The main thing, especially if your edges on the forearm and buttstock are sharp, is not to get too sand or even rub with 0000 steel wood when removing old finish in those ares because you can easily round the edges.  Ive tried Brichwood Casey True-Oil guns stock in combination with these other stains as well.  All results vary.    

Here is a pic of my shooter 38-40 I stripped and refinished about 10 years ago.

1892takedown said
The main thing, especially if your edges on the forearm and buttstock are sharp, is not to get too sand or even rub with 0000 steel wood when removing old finish in those ares because you can easily round the edges.

 

Here is a pic of my shooter 38-40 I stripped and refinished about 10 years ago.

  

Always use a block when sanding.  It will keep everything flat and won’t round your edges if you keep it flat.

I’ve never used Tru Oil on a Winchester, but I have made a couple of gunstocks for sporter mausers and always put on Tru Oil with my bare hands. It takes LOTS of thin coats, rubbed in with your fingertips. As you build up coats, the finish will get glassy smooth. After the first couple of coats (which really soak in) I rub very aggressively with the palm of my hand and a small amount of Tru Oil generating a considerable amount of heat.

After 10 or more coats and a week or more to cure a little pumice will cut the high gloss sheen and give a super smooth, deep finish that feels great to handle.

Takes patience though. 

I have no idea if it is appropriate for a Winchester, however.

Steve

AG said

Steve is the pumice in the form of a stone or Pumice paper ?

AG  

The pumice that woodworkers use comes in a powder form.

I have used Truoil and like Steve has said.  I apply it with my fingertips.  I sand between coats. It will come out very shiny and smooth.  I use it on some guns by mixing a very small amount with boiled linseed oil to get a little sheen.

Here is a rifle that the finish had softened so bad the fleece from the gun boot was stuck into the finish.  I removed the varnish with lacquer thinner and then hand applied coats of truoil.  The spots are damage from an elk hunt in Utah.  I will apply truoil in the scratches until I build up the finish to where it is level with the rest of the stock. 

I’ve used the Winchester Stock Oil by John Kay on half a dozen or more stocks with good results.  It will not give you that deep reddish brown color you are looking for by itself, but it is a really great product and my favorite for an old Winchester stock.  After some experimentation, I have started staining the stock first with one the products described above and then beginning the wet sanding process. You may have to add a little more stain later as the sanding removes a lot of the color.  Rub it in good with your hands to generate a little heat.  Follow the directions exactly as they are written and you’ll be happy with the outcome.  This is about a month long process if you do it correctly, so take your time and be extremely patient.  You thin the oil with mineral spirits and keep it in a clean plastic medicine bottle for several weeks.  You’ll know when it’s bad because it will start to really thicken on you.  I had the best results with this product in a warm, dry basement during the Wyoming winter.  Hang the stock if you can and made sure the area is super clean because that oil will pick up any dust in the air.  If you make a mistake or get some trash in the finish, just gently sand it out with some steel wool and reapply.  When it dries it will be a super shiny glass-like finish, so if you’re going for the satin look you’ll need to cut it back with some 0000 steel wool or pumice.  Good luck!