That works well.. Another method is to take any good two part epoxy, mix some up and thin it down a bit with some lacquer thinner.
Keeping the heat source AWAY from the lacquer thinner and working in well ventilated area, heat the surface of the grips up with a heat gun. You want it just too hot to the touch - about 120 degrees. Then slather the Epoxy on. The cooling of the wood creates a vacuum in the cellular structure and suck the Epoxy right in the wood. It does not work well on Oily tropical woods because the oils bubbles up when heated and besides, those woods need no finish anyway- just a good wax an polish. It's not a substitute for Stabilizing, but it sure makes for a more waterproof surface finish.