It's mostly close to the same thing. the thinner and lighter you make your coats the deeper it will finish, is more or less the rule of thumb. The theory is that heavy coats will have too much refraction and won't show through as well. So with finishing oils in general you go with very small amounts of product and a lot of rubbing to really work it in and make it uniform and thin. Make sure your rags are lint free and thins like thread bare old linen tends to work quite nice. I have not done a hand rubbed finish for quite some time so the products may have changed a little here and there. With products like lacquer and shellac they are touchy on getting them flat and polishes so they tend to not be used by many people. The oil and wax is a pretty simple process. Is you use a scraper on the wood there will be no sanding marks to worry about and it will be very flat to start with. You can make a scraper out of a very wide old bandsaw blade, but for most people the scrapers are easy to find at fine woodworking stores. Lee Valley has them and likely Woodcraft will have them too. That is what was used to finish wood before there was sandpaper. If you haven't used on e before it will amaze you as to how simple it really is.