Yes it will. It's important to raise the "whiskers" with walnut too. Before starting the oil wet sanding, wipe down with a wet paper towel. Set aside and allow to dry. After it drys, run your finger over the handle and you will feel the "whiskers". Sand smooth (I'll usually use steel wool here and repeat until ya don't feel whiskers. Usually for me its 3-5 reps before I'm not getting any whiskers. Then proceed with the wet oil sanding. If you are wanting to fill the grain completely start at 320 grit to make your slurry. I differ (and I was taught this by a guy that make custom rifles that start at 5 figures and head rapidly into 6, he's kinda got fancy walnut finishing down), in that I don't allow the slurry to dry completely. After about 10-15 minutes wipe it down and repeat. If I don't want to completely fill the grain, and most of the time I don't, I will start at 600 grit. I will usually do 5-7 coats and wipe downs at 600 grit and then allow to dry overnight. I use magnet bars and hang the knife up by the blade while its drying whether in between coats or overnight. Butch, the rifle maker uses this stuff and I did too for a long time:
https://www.brownells.com/gunsmith-...-qt-stock-finish-sku519300032-7785-19673.aspx
He just uses the sealer not the finish. I found it to give exemplary finishes on walnut. However, it didn't work as well on some other woods and at this time I don't even remember what woods they were. I switched back to Danish Oil as I've found it to work on just about any wood that needs finishings. Logistics simplification. Anyhoo the next morning I'll start in briefly with the 3M polishing papers: 600, then 1800, then 4000 and finally 8000. I use a sanding stick that is backed in firm leather for this. It doesn't take long to raise a great sheen. Then I buff very briefly using pink scratchless and a loose buff. Not only will this add depth to the sheen but as ya move it around in the sun (I buff outside weather allowing), ya'll find the occasional sanding mark in the finish and ya can get that out. I wax, at least two coats with Mother's carnauba car wax and power buff after it dries. Quick and simple. I will tape off the wood while buffing a bolster. Bout it.
I finished these three yesterday:
Exhibition Grade Turkish Walnut (stock cut offs from Butch):
Black Walnut from Home Depot, no really! Left overs from a shelving project couple of years back:
Personally, I find the partially filled grain more attractive. More real woodish and less plasticky. But thats me. Lots of folks like the filled grain better.