Zach,
The gray color of your wood is due to ferrous oxide. Sometimes you can get the ferrous oxide to convert to ferric oxide, it was worth a try.
I am not sure you have a case of too much iron as not enough time. The acid oxidation of iron is a step wise process. The acid combines with an iron molecule converting it to a ferrous (+2) ion. Then more acid attacks the ferrous ion and converts it to a ferric (+3) ion. What I would do in your situation is to take a cup of your current stain solution that is turning the wood gray and add to it 2 cups of cider vinegar. Put the mix in a jar, screw on the lid, label the jar and put it on a shelf somewhere. Try it again in a couple of weeks. You should now get a reddish brown color.
My crock of stain has been sitting on the shelf for almost 20 years. Each time I complete a rifle and it is ready to stain I take the lid off the crock and pour in some fresh vinegar, mix it up, let it sit for a few days and then pour the clear stain solution I am going to use off the top of the liquid into a plastic cup. Vinegar/iron stain is NOT a Polaroid product. It takes time! The nitric acid/iron stain is quick. Each stain technique has its advantages and disadvantages. I suspect (don't know for sure) that the old timers knew that they were going to stain a rifle long before they started making the parts. I suspect (don't know) that they had a crock of stock stain sitting up on a shelf somewhere.
Best Regards,
John Cholin