I have used Permalyn Sealer, but never have I gotten the chance to use the Chambers oil. I will have to give it a try now that I see so many speak so highly of it. But this is my method:
I seal the stock, inside and out, with one coat of Permalyn, as directed, making sure I get all excess off. Wait 24 hours. I then give the internals one more coat of Permalyn, and with excess. Wait 24 hours. I then Scotch-brite the exterior and using just a few drops of BLO, proceed to rub it into the stock. I mean a few drops, and I mean rub. My palms get quite hot during this process, so frequent breaks are required. After rubbing that coat in, which usually takes about half an hour to an hour, it feels just tacky to the touch, and I hang it to dry for 24 hours. I check it after that, and if it feels tacky (it usually doesn't unless the humidity is extremely high), I rub it down again. If it feels dry, I let it hang another 24 hours. After this, I smell it. It should smell like artist's oil paint, but only faintly, a difficult thing for me to describe. If I feel it need more time, I will give it another 24 hours. If I feel it is ready, I will put just one drop in my palm, and rub it in again. This is usually all I do to finish my stocks.
Just 1 exterior coat of the Permalyn, and 2 coats of the BLO, and it is usually good enough for the finish I am looking for:
Matt