As a former, and now retired, Cabinetmaker, I am familiar with pigment accumulation on the surface, and cannot say I saw any accumulation on one stock I did. In my opinion, it did produce a transparent and translucent finish. Perhaps the difference lies in the way I prepared the stain. I put the soft asphalt and pure gum turps in a container and let them sit for several days, stirring occasionally. After the turps had absorbed all the color I thought it could, I poured off the liquid and let it sit to allow any solids to settle out. It was that liquid I applied, allowed to penetrate and then wiped off. It is definitely not a surface-only finish.
Experimentation is always a good idea.