CCL was advertised in Double Gun Journal with gunsmith Dick Collins applying it to a stock. Dick was my mentor. One of the first finishes he taught me was what he call 3-2-1. 3 parts mineral spirits, 2 parts linseed oil and 1 parts alkyd varnish (minwax gloss spar varnish). We played with this ratio to achieve different results. As is, it is good for initial coats; penetration. By increasing the varnish and decreasing the mineral spirits (roughly 1-1-1) you get a glossier finish that does not penetrate as deep.
The secret to CCL and 3-2-1 was to use VERY small amounts and hand rub the finish into the wood. The heat of rubbing the finish in helped penetration and evenness of application. It also helped cure the finish.
We then put the stock in a home made cabinet with a single light bulb in the bottom. This is just enough heat to cure the finish for the next coat the following day. This is a two week process.
Now to answer to the original question. One of the beauties of this finish is it can be reapplied at anytime. 1-1-1 (for gloss) works great for an annual touch up on just about any stock. For my own guns I use 2 parts mineral spirits, 1 part linseed, 1 part varnish; not as glossy.
Always by gloss varnish. If you over apply and the stick becomes too glossy you can knock it back with pumice or a grey scotch bright pad.
Tru oil, by Birchwood Casey is another excellent choice.
I never use wax. Once wax is applied it is very difficult to get all of it off.
