acetone will draw the oil out of the wood, and will not raise the grain.
Depending how much the raw wood has been handled, it may need to be lightly sanded like others have mentioned to restore an even surface. Handling raw wood, besides absorbing oils from your hands, can burnish the surface and make it finish out differently than the surrounding area.
Any oil that has absorbed into the wood from simple handling, will generally be quite shallow and wiping down with acetone and maybe a light sanding should remove it. When restoring vintage double shotguns I have given certain stocks a soak in acetone baths for weeks at a time, and you would be amazed at how much oil can come out of that wood.
In your situation, simple surface treatment should be enough. I would clean with the acetone before sanding (and I would do it after as well), to try and limit how much dirty gunk you might embed down into the wood pores while sanding.