I have never heard of your rotten stone powder technique, I will have to try that.
For tomahawk handles I don't wet sand, but I guess I probably could. On some stocks that I have refinished I like to put two or three coats on and then wet sand the wood,this fills and seals the grain and let the slurry dry. Then I apply several more coats of tru-oil using fine steel wool in between the coats then using a soft cotton cloth. After the final coat I use the wax to help subdue the glossy/varnishy finish that I don't care for. I really like the look after using the wax on everything I have used the tru-oil on.
Edit: I use the Stock Sheen and Conditioner before the wax applied by hand. Make sure to also use light coats with the Tru-oil so it doesn't run and it drys better as well. I learned the hard way and just apply with my finger and rub it in with the palm of my hand. Some people don't like to use steel wool, but I have never had any issues. I just make sure the oil is dry before using the steel wool. I then use a cotton cloth and make sure it is perfectly clean before the next coat. To be honest with my tomahawk handles I just use a couple coats along with some stain and then wax. It is nice relaxing, methodical work.