I use the same method for everything I cut, even oak. I use a 50/50 mixture of boiled linseed oil and mineral spirits. The oil brings out the natural color and grain of the wood, and the mineral spirits thins the oil allowing the oil to easily flow around the project, but most importantly, it helps the oil dry faster. After soaking for a minute or two, I wipe off the oil with blue shop paper towels, then let dry on a cookie rack. It will not bleed if you wipe the oil off fully. If the project has a backer, I will use compressed air to blow the oil out of the frets. The project will be dry enough to to top coat in 24 hours. I use Deft semi gloss spray lacquer. It's not as fast as easy as your method, but it has worked for me for many years.