The stock on my K98 is laminated. When I sanded, I did so just to dewhisker the grain and took off very little of the surface.
On the first coat of BLO, I could tell it was penetrating a little. The second coat didn't really soak in much at all, so I figured that a final hand-ribbed coat was all that was needed.
If 60 years of use and storage only raised the grain as much as it was, then I think I should be good for another 60 at least. (if I live to 100.)
I'll hit it periodically with some more BLO and see how it holds up.
NRA Life Member, SAF contributor.