The Watco oil should be sufficient to restore the wood to whatever extent is still possible, especially if you use a stripper to remove the paint - puts a new perspective on surface finish. Tru Oil is actually a blend of oils (main base is linseed, and has in the past been Tung Oil) along with petroleum penetrants and brighteners. It is intended as a grain enhancing finish for rifle stocks. I've carried a couple of fancy stocks through heavy downpours, and a couple of surprise snow squalls, with no "final wax" protection,and wiped them off afterward with no ill effects. For the piece you describe, a couple or three even applications of the Watco, with a good paste wax (hand applied and rubbed, not the spray stuff) should put it in the best condition obtainable. Bro once sent me a container of Ballistol, touted as a good lube for sporting equipment. I've found that it is also excellent as an "overcoat" for oil finishes, both before and after the final wax. It is all vegetable, and seems to blend and enhance extremly well with linseed and tung finishes.