Recently, I finished up a trade gun, the stock being walnut. It was without a doubt the junkiest piece of wood I have ever worked on and it too was 'hairy'. I ended up aging it, but, I tried a procedure that I really wasn't sure would work. I figured if it didn't work, I could always re scrape it off and start all over.
What I did was I scraped, sanded in some areas, steel wooled in others and then I applied a heavy coat of shelac. When that dried I took that down with steel wool and stated to apply Wahkon Bay finishing oil, in very light coats. After about a week, it still looked bad, so I started to use a burnisher and that made it look better. I have to add that, at some point in time, I also used flat black paint, artist oil paint (black and umber) in the stock also. The artist paint was mixed into the oil and applied. For what it was worth, I think it came out okay, but the wood was really bad.