I have done antique wood refinishing for decades and have used MANY different paints and wood finishes/stains/coverings. I even had a 2 quarter engineering class on finishing technologies!
Tung oil and walnut oil soak into the wood and form a molecular bond with/in the wood. You still have the wood on the surface to see/touch. Creates an iridescent grain glow on highly figured species of woods. They do seal and unlike lacquer which only coats, will be somewhat moisture resistant. Wood objects from Ancient Egypt have been found finished with tung oil!
You must use a penetrating drying/polymerizing oil. Nitrocellulose lacquer is not a wise choice for wood exposed to heavy moisture. (White rings on furniture anyone??)Spar and BLO are other olde tyme finishes that have their use. There are some new polyurethane finishes out there that claim to be excellent, but I do not use them, as everything I do is like the "olde masters" used to use.
But any items I have refinished/reproduced, I have always used a drying oil you rub in and let sit for several days (!)......if it will be exposed to H20 (rain/dew/sweat/beer) in any quantities.
If not, shellacs and lacquers are the fast easy way to go! Check out Mohawk Finishing products for excellent items.
bangerjim